康卡斯特 (CMCSA) 2016 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's fourth-quarter and full-year 2016 earnings conference call.

早安，女士們、先生們，歡迎參加康卡斯特 2016 年第四季和全年財報電話會議。

(Operator Instructions) Please note that this conference call is being recorded.

（操作員說明）請注意，本次電話會議正在錄音。

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傑森阿姆斯壯先生。

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯壯先生。

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.

參加今天早上電話會議的有 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.

布萊恩和麥克將發表正式講話，史蒂夫和尼爾也將參加問答。

As a reminder, as part of the FCC's anti-collusion rules for the broadcast incentive auction, we cannot discuss or answer any questions related to the auction or spectrum today.

提醒一下，作為 FCC 廣播激勵拍賣反共謀規則的一部分，我們今天無法討論或回答與拍賣或頻譜相關的任何問題。

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.

像往常一樣，現在讓我向您推薦第 2 號投影片，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，我們將提及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，以了解非 GAAP 財務指標與 GAAP 財務指標的調整表。

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

接下來，讓我致電布萊恩·羅伯茨徵求他的意見。

Brian?

布萊恩？

Thank you, Jason, and good morning, everyone.

謝謝傑森，大家早安。

I look back on 2016 with real pride and enthusiasm.

回顧 2016 年，我充滿自豪與熱情。

Comcast NBCUniversal is a special company with a fantastic team, working really well together, and we are executing at an exceptionally high level.

Comcast NBCUniversal 是一家特殊的公司，擁有一支出色的團隊，合作非常好，我們的執行水準非常高。

We had a terrific year and it ended on a real high note with our strong fourth-quarter performance.

我們度過了輝煌的一年，並以強勁的第四季度業績結束了這一年。

In the quarter, we added nearly 400,000 broadband subscribers, were again video net add positive, and we made important customer-friendly advancements, highlighted by the launch of Netflix on the X1 platform, where we have seen an incredible first few months of sign on activity and engagement.

在本季度，我們增加了近40 萬名寬頻用戶，視訊網路再次出現積極增長，並且我們在客戶友好型方面取得了重要進展，特別是在X1 平台上推出Netflix，我們在該平台上看到了令人難以置信的前幾個月的登入情況活動和參與度。

Over at NBCUniversal we capped off a strong 2016 with the box office success of Sing and NBC is already off to another excellent start in the 2016-2017 TV season.

在 NBCUniversal，我們憑藉《新歌》的票房成功為 2016 年的強勁表現畫上了圓滿的句號，並且 NBC 已經在 2016-2017 電視季迎來了另一個出色的開局。

So all in all, a great end to the year for Comcast NBCUniversal and this provides strong momentum as we begin 2017.

總而言之，康卡斯特 NBCUniversal 為這一年畫上了圓滿的句號，這為我們 2017 年的開始提供了強勁的動力。

For the full year 2016 we increased revenue 7.9% and operating cash flow 7% and generated over $8 billion in free cash flow.

2016 年全年，我們的收入成長了 7.9%，營運現金流成長了 7%，自由現金流超過 80 億美元。

The consistency and strength of our results enables us, with the support of our Board, to announce a 15% increase in our dividend, our ninth consecutive annual increase.

我們業績的一致性和實力使我們能夠在董事會的支持下宣布將股息增加 15%，這是我們連續第九年增加股息。

We are also announcing that we will split our stock 2 for 1, the 12th split in our company's history.

我們也宣布，我們將把我們的股票一分為二，這是我們公司歷史上的第 12 次分割。

Finally, we increased our share repurchase authorization to $12 billion and expect to repurchase $5 billion in stock in 2017.

最後，我們將股票回購授權增加至 120 億美元，預計 2017 年回購 50 億美元的股票。

Comcast NBCUniversal has an unrivaled portfolio of businesses that are working well together.

康卡斯特 NBCUniversal 擁有無與倫比的業務組合，且業務合作良好。

Let me talk about some of our notable achievements in 2016 and then some of the things we're looking forward to for 2017 and beyond.

讓我談談我們在 2016 年取得的一些顯著成就，然後是我們對 2017 年及以後的一些展望。

Starting with cable; we added 161,000 video subscribers.

從電纜開始；我們增加了 161,000 名影片訂閱者。

This is our best result and also the first time we have added video subscribers in a decade, ending with almost 23 million strong.

這是我們最好的成績，也是我們十年來首次增加影片訂閱者，最終達到近 2,300 萬。

This is a fantastic accomplishment.

這是一項了不起的成就。

To do this in the face of increasing competition and the rapid evolution in the category speaks volumes about the team's innovative culture, focused execution, and the leadership position we've developed with X1.

面對日益激烈的競爭和該類別的快速發展，能夠做到這一點充分說明了團隊的創新文化、專注的執行力以及我們與 X1 建立的領導地位。

Speaking of X1, we have now deployed it to approximately 50% of our residential video customers and we are seeing continued impressive results.

說到 X1，我們現在已將其部署到大約 50% 的住宅視訊客戶中，並且我們看到了持續令人印象深刻的成果。

We will keep driving X1 into our base and add features along the way to help further differentiate the experience, as well as adding to our list of X1 licensing partners, which now includes Cox, Shaw, and most recently Rogers.

我們將繼續將 X1 推向我們的基地，並在此過程中添加功能，以幫助進一步差異化體驗，並添加到我們的 X1 授權合作夥伴列表中，其中現在包括 Cox、Shaw 和最近的 Rogers。

In broadband, we added 1.4 million subscribers.

在寬頻方面，我們增加了 140 萬用戶。

This is the 11th year in a row that we've added more than 1 million and, in fact, in 2016 we had our highest full-year result in nine years.

這是我們連續 11 年新增數量超過 100 萬，事實上，2016 年我們實現了 9 年來最高的全年業績。

All in all, at cable we added 858,000 net new customer relationships, which is up 29% year over year.

總而言之，我們在 Cable 淨增加了 858,000 個新客戶關係，年增 29%。

We have a great formula going with industry-leading products, including the best in-home Wi-Fi experience and the most complete video delivery platform.

我們擁有與業界領先產品相結合的出色配方，包括最佳的家庭 Wi-Fi 體驗和最完整的視訊傳輸平台。

We also continue to make significant progress in our customer service, reducing customer calls handled by our agents by over 22 million in 2016, a double-digit improvement year over year.

我們在客戶服務方面也持續取得重大進展，2016 年我們的座席處理的客戶電話減少了超過 2,200 萬個，與去年同期相比實現了兩位數的成長。

All of this is contributing to better customer retention and, therefore, extended customer life across each of our products.

所有這些都有助於更好地保留客戶，從而延長我們每種產品的客戶壽命。

In business services, we have really hit our stride, ending the year with a nearly $6 billion revenue run rate and great traction across all three of the customer segments that we serve: small, medium, and enterprise.

在商業服務方面，我們確實取得了長足的進步，今年年底的收入運行率接近 60 億美元，並且對我們服務的所有三個客戶群（小型、中型和企業）都有巨大的吸引力。

At NBCUniversal we had a fantastic year, further validating what a game-changing acquisition this was.

在 NBCUniversal，我們度過了美好的一年，進一步驗證了這是一次改變遊戲規則的收購。

As we've said before, operating cash flow at NBCUniversal has more than doubled since the announcement of the acquisition, and now we can report that we have grown operating cash flow double-digits each of the last four years.

正如我們之前所說，自宣布收購以來，NBCUniversal 的營運現金流量增加了一倍多，現在我們可以報告說，過去四年我們的營運現金流量每年都以兩位數增長。

Pretty great performance, in my opinion.

在我看來，表現相當出色。

In our TV businesses, This Is Us is the year's breakout new hit series and a wonderful show.

在我們的電視業務中，《我們這一天》是今年突破性的新熱門劇集，也是一部精彩的節目。

SNL is having its most-watched season in 20 years and we continue to rank number one across dayparts in broadcast, ranging from The Today Show, to nightly news, all the way through to late-night.

《SNL》迎來了 20 年來收視率最高的一季，我們繼續在各個時段的廣播中排名第一，從《今日秀》到晚間新聞，一直到深夜節目。

And Telemundo beat Univision on many nights for the first time in its history.

Telemundo 歷史上首次在多個夜晚擊敗了 Univision。

In cable networks, USA was the number one cable entertainment network for the 11th consecutive year.

在有線電視網路方面，美國連續 11 年成為排名第一的有線電視娛樂網。

MSNBC produced outstanding growth and we ended the year with eight of the top 25 cable entertainment shows in the fourth quarter.

MSNBC 取得了顯著的成長，我們在第四季度獲得了 25 個排名前 25 的有線娛樂節目中的 8 個。

In film, we knew in 2016 we had tough comps from the year before at Universal.

在電影方面，我們知道 2016 年我們在環球影業的表現比前一年還要艱難。

We ended up with a wonderful year with two breakout hits, laying the groundwork for future franchises with Secret Life of Pets and Sing.

我們以兩首突破性熱門歌曲結束了美好的一年，為未來的《寵物當家》和《歌唱》系列奠定了基礎。

In parks, the standout was in Hollywood, where our new Harry Potter attraction opened to tremendous guest reception and shattered attendance records.

在公園中，最引人注目的是好萊塢，我們的新哈利波特景點在那裡開放，接待了大量遊客，打破了參觀人數記錄。

In addition, we continue to focus on growing internationally, creating a global platform that we expect to build upon for years to come.

此外，我們繼續專注於國際化發展，創建一個我們期望在未來幾年繼續發展的全球平台。

Overall, our progress in 2016 sets us up incredibly well for 2017.

整體而言，我們在 2016 年的進展為我們 2017 年的發展奠定了良好的基礎。

So as we look to our priorities for the year, in cable, we are focused on further strengthening our leading position in high-speed data: winning in video, successfully bundling these and our other innovative products, expanding in business services, building upon the improvements we've made in customer experience.

因此，當我們展望今年在有線領域的優先事項時，我們的重點是進一步加強我們在高速數據領域的領先地位：贏得視頻，成功地將這些產品與我們的其他創新產品捆綁在一起，擴大商業服務，建立在我們在客戶體驗方面所做的改進。

While 2017 will involve an uptick in programming expenses, as Mike will detail, we expect programming cost growth to return to more normalized levels beyond 2017.

雖然 2017 年節目製作費用將有所增加，正如 Mike 將詳細介紹的那樣，但我們預計 2017 年以後節目製作費用增長將恢復到更加正常的水平。

And we have taken steps in this coming year in our cost structure to protect our margin and our ability to grow cable's operating cash flow.

我們在明年的成本結構中採取了措施，以保護我們的利潤率和增加有線電視營運現金流的能力。

Another priority in 2017 is to launch our wireless product.

2017 年的另一個優先事項是推出我們的無線產品。

I would characterize our efforts and approach in the following way.

我將按以下方式描述我們的努力和方法。

One, we plan to include wireless in our multiproduct bundles in a way that is designed to add value to our customers, improve retention, and ultimately benefit lifetime customer economics for us.

第一，我們計劃將無線納入我們的多產品捆綁中，旨在為我們的客戶增加價值，提高保留率，並最終為我們帶來終身客戶經濟效益。

Our offering will give customers access to a world-class wireless network benefiting from our Wi-Fi with the best mobile devices and a simple transparent experience, all for a great value.

我們的產品將使客戶能夠透過我們的 Wi-Fi、最好的行動裝置和簡單透明的體驗存取世界一流的無線網絡，這一切都具有巨大的價值。

Two, we will be disciplined with our investment and expect to be NPV positive on each incremental customer once we've achieved a limited initial scale.

第二，我們將嚴格控制我們的投資，並期望一旦我們達到有限的初始規模，每個增量客戶的淨現值為正值。

And, three, we will be measured in our rollout, learning and adapting along the way.

第三，我們將在部署、學習和適應過程中進行衡量。

Mike will provide some additional details later on the call.

麥克稍後將在電話會議中提供一些其他詳細資訊。

At NBCUniversal, we are well-positioned with a range of opportunities ahead of us.

在 NBCUniversal，我們處於有利位置，面臨一系列機會。

The conclusion of recent distribution deals at year-end gives us excellent runway on retrans and affiliate fees.

最近年底分銷交易的完成為我們在轉播和附屬費用方面提供了良好的基礎。

In addition, the year is off to a great start at broadcast, where so far this season NBC is once again ranked number one in 18-to-49 viewing, but this time has more than a 30% margin over the number-two-ranked network.

此外，今年的廣播開局良好，本季 NBC 再次在 18 至 49 歲收視率中排名第一，但這一次比第二名領先了 30% 以上。

This is the biggest lead for any network 17 weeks into the season in the history of Nielsen's people meter sample.

這是尼爾森客流量統計樣本歷史上所有電視網在賽季開始 17 週後取得的最大領先優勢。

In parks, we expect big things from Orlando in 2017 as we bring a third gate to market with our spectacular new water park, Volcano Bay, and launch an impressive Jimmy Fallon attraction, Race through New York.

在公園方面，我們預計2017 年奧蘭多將有大作為，因為我們將第三個大門推向市場，推出了壯觀的新水上樂園火山灣，並推出了令人印象深刻的吉米·法倫遊樂項目“穿越紐約」。

In film, the year-end success continues to benefit us into the first quarter, which helped us start the year on solid footing leading into upcoming releases of our returning top franchises, including 50 Shades Darker, The Fate of the Furious, and Despicable Me 3.

在電影方面，年終的成功繼續讓我們在第一季受益，這幫助我們在新的一年中打下了堅實的基礎，為即將上映的頂級系列電影帶來了回報，包括《五十度黑》 、《玩命關頭8》和《神偷奶爸》 3.

So, overall, we are confident and optimistic about the opportunities ahead.

因此，整體而言，我們對未來的機會充滿信心和樂觀。

We have great momentum in our businesses and will stay true to our formula, embracing ways to be entrepreneurial and invest prudently for growth, looking for smart investments while also returning a significant amount of cash to shareholders.

我們的業務發展勢頭強勁，並將恪守我們的準則，採用創業方式和審慎投資以實現成長，尋求明智的投資，同時向股東返還大量現金。

Mike, over to you.

麥克，交給你了。

Thanks, Brian, and good morning, everybody.

謝謝布萊恩，大家早安。

I'm starting on slide 5, for those following the presentation online.

我從第 5 張投影片開始，供那些在線上觀看簡報的人參考。

I'm going to go into greater detail on the slides to come, but let me give a quick summary of the consolidated numbers.

我將更詳細地介紹接下來的投影片，但讓我快速總結一下綜合數字。

Our fourth-quarter results reflect consistent execution and broad-based strength across our businesses.

我們第四季的業績反映了我們整個業務的一致執行力和廣泛的實力。

Consolidated revenue increased 9.2% and operating cash flow grew 7.8% for the fourth quarter, reflecting solid growth in our operating businesses.

第四季綜合營收成長 9.2%，營運現金流成長 7.8%，反映出我們營運業務的穩健成長。

Earnings per share was $0.95, a 20.3% increase compared to a year ago.

每股收益為0.95美元，較去年同期成長20.3%。

On an adjusted basis EPS increased 9.9% to $0.89.

調整後每股收益成長 9.9%，達到 0.89 美元。

Free cash flow during the quarter increased 64.2% to $2.6 billion, primarily driven by growth in operating cash flow and improvements in working capital.

本季自由現金流成長 64.2%，達到 26 億美元，主要受到營運現金流成長和營運資本改善的推動。

For the full year we generated $8.2 billion of free cash flow, a decline of 8.2%.

全年我們產生了 82 億美元的自由現金流，下降了 8.2%。

This decline was mainly driven by higher working capital and capital expenditures.

這一下降主要是由於營運資本和資本支出增加所致。

So now let's start with cable communications on slide 6. Cable communications delivered strong fourth-quarter results.

現在讓我們從幻燈片 6 上的有線通訊開始。

Revenue increased 7.1% to $12.8 million as we added 258,000 customer relationships and reduced churn across all products.

由於我們增加了 258,000 個客戶關係並減少了所有產品的流失，收入增加了 7.1% 至 1,280 萬美元。

In fact, we have improved churn in video and high-speed data for 12 consecutive quarters, which we believe is driven by the positive benefits of the X1 platform, our best-in-class high-speed data product, and the meaningful strides we have made in improving customer service.

事實上，我們已經連續 12 個季度改善了視訊和高速資料的流失率，我們相信這是由我們一流的高速數據產品 X1 平台的積極優勢以及我們在改善客戶服務方面取得了進展。

High-speed internet continues to be the largest contributor to overall cable revenue growth.

高速互聯網仍然是整體有線電視收入成長的最大貢獻者。

Revenue increased 9% to $3.5 billion in the quarter, reflecting an increase in our customer base and rate adjustments.

本季營收成長 9%，達到 35 億美元，反映出我們客戶群的增加和費率調整。

Our customer momentum continued as we added a combined 385,000 net residential and business high-speed data customers in the quarter and added 1.4 million net customers during the full year, our best full-year results in nine years.

我們的客戶動能持續強勁，本季住宅和商業高速數據淨客戶數量總計增加了 385,000 名，全年淨客戶數量增加了 140 萬名，這是我們九年來最好的全年業績。

Our high-speed data penetration is 43.8%, up from 41.9% a year ago, as customers continued to respond to our product differentiation.

隨著客戶對我們產品差異化的持續反應，我們的高速資料滲透率為 43.8%，高於一年前的 41.9%。

Through consistent investment in innovation, we offer the best broadband product on the market.

透過對創新的持續投資，我們提供市場上最好的寬頻產品。

We double the capacity of our network every 18 to 24 months, have increased internet speeds 17 times in the past 16 years, and now over 50% of our residential customers have speeds of 100 megabits per second or higher.

我們每 18 到 24 個月就會將網路容量增加一倍，在過去 16 年裡將網路速度提高 17 倍，現在超過 50% 的住宅客戶的速度達到每秒 100 兆或更高。

Coupled with the best in-home Wi-Fi experience, we believe this greatly increases our customer value proposition and competitive differentiation.

加上最佳的家庭 Wi-Fi 體驗，我們相信這將大大提高我們的客戶價值主張和競爭優勢。

Looking ahead in 2017 and beyond, we think there is a lot of runway to continue to grow high-speed data subscribers.

展望 2017 年及以後，我們認為繼續成長高速數據用戶還有很大的空間。

Video revenue increased 4.3% to $5.6 billion in the quarter, primarily due to rate adjustments and customers subscribing to additional services.

本季影片營收成長 4.3%，達到 56 億美元，主要得益於費率調整和客戶訂閱附加服務。

In terms of volume, we added an impressive combined 161,000 net video customers in 2016, compared to a loss of 36,000 customers in 2015.

就數量而言，我們在 2016 年新增了 161,000 名網路視訊客戶，而 2015 年則流失了 36,000 名客戶。

This is the first time in 10 years that we have added video customers for a full year.

這是10年來我們首次增加全年視訊客戶。

We ended the year strong, adding 80,000 net video customers in the fourth quarter, driven by continued improvements in customer retention, better market segmentation, and broader recognition of what we believe is the best video product on the market.

我們以強勁的勢頭結束了這一年，在客戶保留率持續提高、更好的市場細分以及對我們認為市場上最佳視頻產品的更廣泛認可的推動下，第四季度增加了80,000 個網絡視訊客戶。

Our X1 platform is a real competitive differentiator and we have made good progress rolling it out.

我們的 X1 平台是一個真正的競爭優勢，我們在推出這個平台方面取得了良好進展。

We deployed X1 to 936,000 net new and existing customers during the quarter, ending the year with 48% of our residential video customers having X1 compared to 30% a year ago.

本季度，我們向 936,000 名淨新客戶和現有客戶部署了 X1，到年底，我們的住宅視訊客戶中有 48% 擁有 X1，而一年前這一比例為 30%。

Even as we have expanded the base of X1 customers, the positive benefits continue with better retention, improved customer satisfaction, and higher net promoter scores for X1 customers.

即使我們擴大了 X1 客戶群，積極的好處仍然存在，即更好的保留率、更高的客戶滿意度以及更高的 X1 客戶淨推薦值。

As a result, we will continue our rollout of X1 at a healthy pace with an expectation that year-end 2017 penetration will be in the low 60%s range.

因此，我們將繼續以健康的速度推出 X1，預計 2017 年底的滲透率將在 60% 左右。

Voice revenue declined by 3% to $873 million in the fourth quarter, as the positive impact of adding a combined 44,000 net customers was offset by a modest decline in ARPU.

第四季語音收入下降 3%，至 8.73 億美元，淨客戶總數增加 44,000 名的正面影響被 ARPU 的小幅下降所抵消。

The strong results in business services continued in the fourth quarter.

第四季商業服務持續保持強勁業績。

Revenues increased 14.5% to $1.4 billion during the quarter, with the small business segment accounting for over 70% of our revenue and 60% of our growth, driven primarily by the net increase in customers.

本季營收成長 14.5%，達到 14 億美元，其中小型業務部門占我們營收的 70% 以上，占我們成長的 60%，這主要是由客戶淨成長推動的。

Revenue for the midsized business segment had a higher growth rate, fueled primarily by additional ethernet sites as we continued to invest in expanding that business.

中型業務部門的收入成長率較高，這主要是由於我們繼續投資擴大該業務而增加了以太網站點。

Cable advertising revenue increased 14.9% to $728 million, reflecting higher political revenue related to the elections.

有線電視廣告收入成長 14.9%，達到 7.28 億美元，反映出與選舉相關的政治收入增加。

Excluding the political contribution, our cable advertising revenue decreased 1.9%.

剔除政治捐款，我們的有線電視廣告收入下降了 1.9%。

Turning to slide 7, fourth-quarter cable communications operating cash flow increased 6.4% to $5.2 billion, resulting in a margin of 40.4% compared to 40.6% in the fourth quarter of 2015.

轉向投影片 7，第四季有線通訊營運現金流成長 6.4%，達到 52 億美元，利潤率為 40.4%，而 2015 年第四季為 40.6%。

The change in margin was driven by higher expenses primarily related to programming.

利潤率變化是由於主要與節目相關的費用增加所致。

Programming expenses grew 12.2% during the quarter, reflecting the timing of contract renewals while the full year increased 10.1%.

該季度節目製作費用增加了 12.2%，反映了合約續約的時間，而全年則增加了 10.1%。

The underlying increase has continued to be driven by higher retransmission consent fees and higher sports programming costs.

較高的轉播同意費和較高的體育節目成本繼續推動了潛在的成長。

For 2017, we expect programming expense growth of approximately 13%, driven by contract renewals that began in the second half of 2016, as well as additional contract renewals beginning in the first quarter.

在 2016 年下半年開始的合約續約以及從第一季開始的額外合約續約的推動下，我們預計 2017 年節目製作費用將增加約 13%。

We continue to believe that in the years following 2017, programming expense growth should normalize to historic levels of high single-digit growth.

我們仍然相信，在 2017 年之後的幾年裡，節目製作費用成長應該會正常化到歷史高個位數成長水準。

Non-programming expenses increased 4.8% for the quarter, which is lower than the full-year growth of 5.7%.

該季度非節目支出成長 4.8%，低於全年 5.7% 的增幅。

The fourth-quarter growth reflects higher expenses to continue the rollout of X1, but these are partially offset by benefits we are beginning to realize from the investments we have made to improve the customer experience over the past several quarters.

第四季的成長反映出繼續推出 X1 的費用增加，但這些費用被我們在過去幾季為改善客戶體驗而進行的投資中開始實現的收益所部分抵消。

Notably, customer service expense has declined 2.1% this quarter.

值得注意的是，本季客戶服務費用下降了 2.1%。

We expect the rate of growth for non-programming expenses to trend lower in 2017 compared to 2016 as we continue to benefit from our customer experience initiatives and disciplined cost management.

由於我們繼續受益於我們的客戶體驗計劃和嚴格的成本管理，我們預計 2017 年非程式費用的成長率將低於 2016 年。

Our focus on cost controls, along with modest rate adjustments and growth in high-margin businesses, like high-speed data and business services, should allow us to again mostly offset the impact of elevated programming expense growth.

我們對成本控制的關注，加上適度的費率調整和高利潤業務（如高速數據和商業服務）的成長，應該使我們能夠再次在很大程度上抵消節目費用成長增加的影響。

As a result, our outlook for 2017 cable operating margin is that it will be flat to down 50 basis points compared to 40.2% in 2016.

因此，我們對 2017 年電纜營業利潤率的展望是，與 2016 年的 40.2% 相比，將持平或下降 50 個基點。

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

現在讓我們看看 NBCUniversal 的結果。

On slide 8 you can see NBCUniversal's revenue increased 13% and operating cash flow increased 14% in the quarter.

在投影片 8 中，您可以看到 NBCUniversal 本季的營收成長了 13%，營運現金流成長了 14%。

Adjusting to include the acquisition of Universal Studios Japan in last year's results, pro forma revenue increased 10.5% and operating cash flow increased 7.8%.

經過調整，將收購日本環球影城納入去年的業績中，預計營收成長 10.5%，營運現金流成長 7.8%。

Cable networks' revenue increased 4% and operating cash flow increased 2.4% to $916 million, reflecting higher distribution and content licensing and other revenue, partially offset by an increase in programming and production expenses including higher sports' rights costs.

有線電視網收入成長4%，營運現金流成長2.4%，達到9.16 億美元，反映出發行和內容授權及其他收入的增加，但部分被節目和製作費用的增加（包括體育版權成本的增加）所抵消。

Distribution revenue increased 4.7%, driven by contractual rate increases and contract renewals, partially offset by a slight decline in subscribers at our cable networks.

受合約費率上漲和合約續約的推動，分銷收入增長了 4.7%，但部分被我們的有線網路用戶數量的小幅下降所抵消。

Content licensing and other revenue increased 14.6% due to the timing of content provided under licensing agreements, as well as the sale of USA's Falling Water into SVOD.

由於根據授權協議提供內容的時間安排，以及將美國的 Falling Water 出售為 SVOD，內容授權和其他收入增加了 14.6%。

Advertising revenue increased slightly as higher rates were mostly offset by ratings declines.

廣告收入略有成長，因為費率上漲大部分被收視率下降所抵銷。

Broadcast television had another strong quarter with revenue growth of 14% and operating cash flow growth of 21.1% to $264 million.

廣播電視季度又表現強勁，營收成長 14%，營運現金流成長 21.1%，達到 2.64 億美元。

This increase reflects higher advertising, content licensing, and retransmission revenue, partially offset by higher programming and production spending.

這一增長反映了廣告、內容授權和轉播收入的增加，但部分被節目和製作支出的增加所抵消。

Advertising revenue growth of 12.4% included our premier of Thursday Night Football and higher political advertising.

廣告收入成長了 12.4%，其中包括我們首播的《週四橄欖球之夜》和更高的政治廣告。

Excluding these, advertising increased modestly as strong pricing from the upfront outpaced ratings declines.

排除這些因素，廣告費略有增加，因為前期的強勁定價超過了收視率的下降。

Content licensing increased 20.2%, primarily due to the availability of content provided under licensing agreements.

內容授權成長了 20.2%，主要是由於根據授權協議提供的內容的可用性。

Last, retransmission revenue increased 55% to over $200 million for the quarter and totaled nearly $850 million for the full year.

最後，本季轉播營收成長了 55%，超過 2 億美元，全年總計近 8.5 億美元。

In 2017, retransmission revenues should reach nearly $1.4 billion, an increase of almost 65% over 2016, as a result of the recent successful renewals of a number of our distribution agreements.

由於最近成功續簽了多項發行協議，2017 年轉播收入將達到近 14 億美元，比 2016 年增長近 65%。

Film revenue increased 12.6% to $1.8 billion and operating cash flow declined 15.3% to $121 million.

電影營收成長 12.6%，達到 18 億美元，經營現金流下降 15.3%，達到 1.21 億美元。

These results reflect a full quarter of DreamWorks, which we acquired at the end of August.

這些業績反映了我們在八月底收購的夢工廠的整個季度。

While the strong box office performance of Sing drove a 97% increase in theatrical revenue during the quarter, a tough home entertainment comparison to last year and DreamWorks-related expenses resulted in the 15.3% decline in OCF.

雖然《新歌聲》強勁​​的票房表現推動了該季度影院收入增長 97%，但與去年相比，家庭娛樂的嚴峻形勢以及夢工廠相關支出導致 OCF 下降 15.3%。

For the year, film generated about $700 million OCF.

今年，電影產生了約 7 億美元的 OCF。

While this is down 43.5% due to the difficult comparison to the record results that we achieved in 2015, 2016 nonetheless proved to be one of the best years in the history of our film studio.

儘管由於與 2015 年創紀錄的業績難以比較，這一數字下降了 43.5%，但 2016 年仍然被證明是我們電影製片廠歷史上最好的年份之一。

And in 2017 we are excited to have some of our biggest franchises return.

2017 年，我們很高興看到一些最大的特許經營權回歸。

Theme parks' revenue increased 32.1% to $1.3 billion and operating cash flow increased 41.9% to $640 million in the fourth quarter of 2016.

2016 年第四季度，主題樂園收入成長 32.1%，達到 13 億美元，營運現金流成長 41.9%，達到 6.4 億美元。

On a pro forma basis for Universal Japan, revenue increased 13.2% and operating cash flow increased 18.4%.

根據環球日本的預估，營收成長 13.2%，營運現金流成長 18.4%。

These results reflect higher attendance and higher per capita spending, driven by new attractions including The Wizarding World of Harry Potter in Hollywood, King Kong and the Incredible Hulk in Orlando, and the Jurassic Park coaster in Japan.

這些結果反映了在好萊塢的哈利波特魔法世界、奧蘭多的金剛與綠巨人以及日本的侏羅紀公園過山車等新景點的推動下，更高的參觀人數和更高的人均支出。

In addition, the stronger Japanese yen has a positive impact, accounting for about 20% of the overall OCF growth.

此外，日圓走強也產生正面影響，約佔整體OCF成長的20%。

Partially offsetting these results were higher costs associated with new attractions and the impact of having to close our Orlando Park for two days due to Hurricane Matthew.

部分抵消了這些結果的是與新景點相關的更高成本以及由於馬修颶風而不得不關閉奧蘭多公園兩天的影響。

As we look to 2017, we expect our investments in new attractions to continue to drive growth.

展望 2017 年，我們預計對新景點的投資將持續推動成長。

As Brian mentioned, we are looking forward to Orlando opening a third gate with their Volcano Bay water park.

正如布萊恩所提到的，我們期待奧蘭多透過火山灣水上樂園打開第三扇大門。

In addition, we will be opening a Jimmy Fallon attraction in Orlando and bringing the successful Despicable Me attraction to Japan.

此外，我們還將在奧蘭多開設吉米法倫 (Jimmy Fallon) 景點，並將成功的《神偷奶爸》 (Despicable Me) 景點帶到日本。

Let's move to slide 9 now to review our consolidated and segment capital expenditures.

現在讓我們轉到投影片 9 來回顧我們的合併和分部資本支出。

Consolidated capital expenditures decreased 2.4% to $2.6 billion in the fourth quarter.

第四季綜合資本支出下降 2.4%，至 26 億美元。

At cable communications, capital expenditures increased 1.5% to $2.1 billion for the quarter and increased 7.9% to $7.6 billion for the full year, resulting in capital intensity of 15.2%, which is in line with the plan we outlined at the beginning of the year.

有線通訊方面，本季資本支出成長 1.5%，達到 21 億美元，全年資本支出成長 7.9%，達到 76 億美元，資本密集度為 15.2%，這與我們年初制定的計畫相符。

The full year was led by customer premise equipment, including X1 and wireless gateways, which remain the largest component of our capital expenditures, though spending declined modestly year over year.

全年主要由客戶端設備主導，包括 X1 和無線網關，儘管支出同比略有下降，但它們仍然是我們資本支出的最大組成部分。

We also invested in our network through increased spending in line extensions as we extended our network to more business and residential customers and in scalable infrastructure as we invested to increase our network capacity.

我們也透過增加線路延伸支出來投資我們的網絡，因為我們將網路擴展到更多的商業和住宅客戶，並投資於可擴展的基礎設施，因為我們投資增加了網路容量。

These investments enhance our competitive position, allowing us to continue to take advantage of opportunities to grow penetration and market share by delivering the best broadband product to more homes and businesses.

這些投資增強了我們的競爭地位，使我們能夠繼續利用機會，透過向更多家庭和企業提供最好的寬頻產品來提高滲透率和市場份額。

For 2017, spending on CPE is expected to continue to decline while we increase our investment in network capacity as well as our investment in line extensions to reach more customers.

2017年，預計CPE支出將繼續下降，同時我們將增加網路容量投資以及線路延伸投資以覆蓋更多客戶。

As a result, our outlook is for 2017 capital intensity to remain flat to 2016 at approximately 15%.

因此，我們預計 2017 年資本密集度將與 2016 年持平，約 15%。

Longer term, as spending on CPE continues to decline as X1 scales and shifts to less expensive IP devices, we expect to see a decline in overall capital intensity.

從長遠來看，隨著 X1 擴展並轉向更便宜的 IP 設備，CPE 支出持續下降，我們預計整體資本密集度將會下降。

At NBCUniversal, capital expenditures decreased 17.2% to $461 million in the fourth quarter and increased 4.8% to $1.5 billion for the full year.

NBC環球第四季資本支出下降 17.2%，至 4.61 億美元，全年資本支出成長 4.8%，至 15 億美元。

The full-year growth was primarily driven by the inclusion of Universal Studios Japan and investments in the Orlando Park.

全年成長主要得益於日本環球影城的納入和奧蘭多園區的投資。

In 2017, NBCUniversal's capital investment plan is expected to increase approximately 10%, reflecting the continued spending in theme parks as these investments are clearly generating strong returns as they drive increased attendance and per capita spending.

2017年，NBCUniversal的資本投資計畫預計將增加約10%，反映出主題樂園的持續支出，因為這些投資顯然會產生強勁的回報，因為它們會推動遊客數量和人均支出的增加。

Now before finishing on return of capital, let me build on Brian's earlier comments on wireless.

現在，在結束資本回報之前，讓我以布萊恩之前關於無線的評論為基礎。

In terms of how we report on our wireless initiative, we will report the results of wireless in the corporate and other segment, and once the business is launched, we will provide quarterly reporting on its key financial metrics.

就我們如何報告無線計劃而言，我們將報告企業和其他部門的無線業績，一旦業務啟動，我們將提供有關其關鍵財務指標的季度報告。

The only guidance we can provide for 2017, since we still haven't launched our offering, is that the OCF of the corporate and other segment may see an additional $200 million to $300 million drag over the approximately $900 million of negative OCF in 2016.

由於我們尚未推出我們的產品，我們可以為2017 年提供的唯一指導是，與2016 年約9 億美元的負OCF 相比，企業和其他部門的OCF 可能會額外受到2 億至3 億美元的拖累。

Separate from the OCF impact of wireless is the working capital impact of providing handsets.

與無線的 OCF 影響不同的是提供手機對營運資本的影響。

Our approach will be to purchase the phones and collect handset-related payments from our wireless customers over time.

我們的方法是購買手機並隨著時間的推移向我們的無線客戶收取與手機相關的付款。

While this approach to handset financing will impact the timing of our free cash flow recognition, we would not expect it to impact overall company capital allocation plans.

雖然這種手機融資方法將影響我們自由現金流確認的時間，但我們預期它不會影響公司整體資本配置計畫。

We are excited to launch and learn from our wireless initiative in 2017.

我們很高興在 2017 年推出無線計劃並從中學習。

Now let's finish on slide 10 with our capital allocation plans.

現在讓我們以我們的資本分配計劃結束投影片 10。

To remind everyone, our capital allocation plan is a balance of several important priorities.

提醒大家，我們的資本配置計畫是幾個重要優先事項的平衡。

The first is investing in our businesses to increase the long-term earnings capacity of the Company, including our CapEx investment, the deployment of capital to enhance our existing businesses, and exploring growth opportunities.

首先是投資我們的業務以提高公司的長期獲利能力，包括我們的資本支出投資、部署資本以增強我們的現有業務以及探索成長機會。

I believe the plan we have for 2017 will continue to demonstrate our prudent and consistent approach to investing in our businesses.

我相信我們 2017 年的計畫將繼續體現我們對業務投資的審慎和一致的態度。

The second aspect of the balance is a healthy and steady return of capital to shareholders.

平衡的第二個面向是對股東健康穩定的資本回報。

As you can see on the left side of the page, Comcast has a great track record of consistent capital returns.

正如您在頁面左側看到的那樣，康卡斯特擁有持續資本回報的良好記錄。

In 2016, we returned $7.6 billion to shareholders, comprised of $2.6 billion in dividends and $5 billion in share repurchases.

2016 年，我們向股東返還 76 億美元，其中包括 26 億美元的股利和 50 億美元的股票回購。

For 2017, we are increasing our dividend 15% to $1.26 per share, which reflects our efforts to deliver a prudent dividend payout ratio balanced with a competitive relative yield, consistent with ranges in which the Company has operated in the past.

2017 年，我們將股息提高 15% 至每股 1.26 美元，這反映了我們努力提供審慎的股息支付率，並與具有競爭力的相對收益率相平衡，這與公司過去的經營範圍一致。

We believe we have a strong history in this respect.

我們相信我們在這方面擁有悠久的歷史。

This is the ninth consecutive annual increase in the dividend and the compound annual growth rate in our dividend from 2009 to 2016 was 22.2% versus 10.3% for the S&P 500.

這是股利連續第九年增加，2009 年至 2016 年我們股利的複合年增長率為 22.2%，而標準普爾 500 指數為 10.3%。

In addition to the dividend increase, we expect to buy back $5 billion of stock in 2017, similar to our buyback in 2016.

除了增加股利外，我們預計 2017 年將回購 50 億美元的股票，與 2016 年的回購類似。

And the last element of balancing our capital return priorities is the imperative to maintain a strong balance sheet.

平衡我們資本回報優先事項的最後一個要素是維持強勁的資產負債表的必要性。

We ended 2016 at 2.2 times leverage and we continue to be comfortable operating with leverage around this level.

2016 年末，我們的槓桿率為 2.2 倍，並且我們繼續在這一水平附近輕鬆運作槓桿。

That concludes our summary of the quarter.

我們對本季的總結到此結束。

I hope that everyone now has a good sense for how pleased we are with our fourth-quarter and full-year 2016 results, as well as our momentum as we begin 2017.

我希望現在每個人都能充分感受到我們對 2016 年第四季和全年業績以及 2017 年伊始的勢頭有多滿意。

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

現在我將把它交回給 Jason 來主持問答環節。

Thank you, Mike.

謝謝你，麥克。

Regina, let's open up the call for Q&A, please.

雷吉娜，請讓我們開始問答電話。

(Operator Instructions) Jessica Reif Cohen, Bank of America.

（操作員指示）Jessica Reif Cohen，美國銀行。

Thank you.

謝謝。

One for Neil and one for Steve, if that's okay.

一份給尼爾，一份給史蒂夫，如果可以的話。

Neil, Brian outlined several priorities for 2017 and there just seems to be a lot going on in your area.

Neil、Brian 概述了 2017 年的幾個優先事項，你們所在的領域似乎有很多事情要做。

Could you give us color on maybe just the rate priorities for the year?

您能為我們介紹一下今年的利率優先事項嗎？

And then for Steve, there's still -- seven years later there still seems to be some big buckets of growth opportunity for NBCU.

對史蒂夫來說，七年後，NBCU 似乎仍然存在一些巨大的成長機會。

I mean some of the more obvious ones seem like Telemundo, where your ratings are up pretty dramatically versus your competitor, consumer products, and theme parks obviously.

我的意思是一些更明顯的例子，例如 Telemundo，與競爭對手、消費品和主題樂園相比，您的收視率明顯提高了很多。

Can you talk about some of the areas that provide the biggest upside and maybe, at cable networks, the biggest risk for the year?

您能談談有線電視網路今年最大的上漲空間和最大風險的一些領域嗎？

Jessica, this is Neil.

潔西卡，這是尼爾。

I think the top three priorities are continue to win in video, rolling out X1 deeper into the base; drive and continue winning in HSD, where we rollout DOCSIS 3.1 and advanced gateways; and drive business services, continue to rollout hyperbuilds and roll in all three markets: small, medium, and enterprise.

我認為最重要的三個優先事項是繼續在視訊領域獲勝，將 X1 深入基礎；推動並繼續在 HSD 領域獲勝，我們在此推出 DOCSIS 3.1 和高階網關；推動業務服務，繼續推出超級建構並在所有三個市場中推廣：小型、中型和企業。

I think additionally we're going to continue to focus on customer experience and we will roll out the wireless product in the middle of the year.

我認為此外，我們將繼續專注於客戶體驗，我們將在年中推出無線產品。

We have owned NBCUniversal now for almost exactly six years and during that time we've had the fastest compounded growth rate of any of the media companies.

我們擁有 NBCUniversal 已經快六年了，在此期間，我們的複合成長率是所有媒體公司中最快的。

I still think there's a lot of opportunity, maybe not quite as much opportunity as there was in early days, but you mentioned in a few of the areas.

我仍然認為有很多機會，也許不像早期那麼多機會，但你在某些領域提到了。

Theme parks I think we have a long, long runway.

主題樂園我認為我們有一條很長很長的跑道。

As long as we invest and build more hotel rooms and have creative attractions, we, I think, have a lot of growth ahead of us there.

只要我們投資和建造更多的酒店客房並擁有創意景點，我認為我們在那裡就有很大的成長空間。

Consumer products you mentioned.

你提到的消費品。

We were essentially out of the consumer products business six years ago and now that business, I think, is a couple hundred million dollars of OCF and has a long, long runway as we build that out.

六年前，我們基本上退出了消費品業務，而現在，我認為該業務的 OCF 價值達數億美元，並且在我們建立該業務時，還有很長一段路要走。

Telemundo is a great story, where Telemundo was essentially making no money at all and it now makes a couple million dollars a year.

Telemundo 是一個很棒的故事，Telemundo 基本上根本不賺錢，但現在每年可以賺幾百萬美元。

And as you mentioned, our ratings would suggest in the future we should make significantly more than that.

正如您所提到的，我們的評級表明未來我們的收入應該遠高於此。

But we have another dozen things that we are looking at, investing in, and trying to optimize and grow.

但我們還有另外十幾件事正在研究、投資、嘗試優化和發展。

And I think the easiest stuff, obviously, you do first, but I think we still have a lot of opportunity to continue to grow the Company.

我認為最簡單的事情顯然是你首先要做的，但我認為我們仍然有很多機會繼續發展公司。

Thank you.

謝謝。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Thank you.

謝謝。

I'm going to ask about X1 and about free cash flow, so on X1 either for Brian or Steve or -- sorry, Brian or Neil or both of you.

我要問有關 X1 和自由現金流的問題，所以關於 X1，無論是布萊恩還是史蒂夫，或者——對不起，布萊恩或尼爾，或者你們倆。

When you look at the X1 deployment in 2017 and particularly the impact you've had recently deploying that product, how are returns looking versus what you saw going back to the beginning of the deployment?

當您查看 2017 年的 X1 部署，特別是您最近部署產品所產生的影響時，回報與您在部署之初看到的情況相比如何？

I'm wondering if you are seeing the same kind of churn, ARPU lift, etc.

我想知道您是否也看到了相同的客戶流失、ARPU 提升等情況。

And I know the product has obviously evolved; you mentioned Netflix.

我知道這個產品顯然已經進化了；你提到了Netflix。

Just curious how you think about that going forward versus what we've seen in the past and if the low 60%s is sort of the maturation point for that product in your mind.

只是好奇您如何看待未來與我們過去所看到的情況以及低 60% 是否是您心目中該產品的成熟點。

And then on free cash flow for Mike, free cash flow in 2016 I think was down year on year.

然後關於麥克的自由現金流，我認為 2016 年的自由現金流比去年同期下降。

The big working capital drag I guess is mostly NBC-related, but you mentioned the wireless drag.

我認為龐大的營運資金拖累主要與 NBC 有關，但你提到了無線拖累。

Any help with free cash flow in 2017?

對2017年的自由現金流有什麼幫助嗎？

And maybe help us think about how you prioritize free cash flow versus earnings from a financial management perspective at the Company.

也許可以幫助我們從公司財務管理的角度思考如何優先考慮自由現金流與收益。

Ben, concerning X1 we continue to see very positive results, consistent with early in launch.

Ben，關於 X1，我們繼續看到非常積極的結果，與發布初期一致。

We were at 48% penetration, going to low 60%s next year.

我們的滲透率是 48%，明年將降至 60%。

I think ultimately it could be a 75% to 80% penetration.

我認為最終滲透率可能是 75% 到 80%。

DVR uptake is 3 times the legacy.

DVR 的採用率是傳統設備的 3 倍。

Pay-per-view is 2 times.

按次付費是2倍。

We get more additional outlets; we get more VOD viewing so it's -- it continues to be an improved impact on retention and higher ARPU.

我們有更多額外的銷售點；我們獲得了更多的 VOD 觀看次數，因此，它對留存率和 ARPU 的影響繼續得到改善。

So I think we are going to continue to drive it into the base and it's continuing to perform as well or better than expectations.

因此，我認為我們將繼續將其推向基地，並且它的表現將繼續與預期一樣好或更好。

Before Mike jumps in, let me just add to that.

在麥克介入之前，讓我補充一下。

If you look at our video ARPU and combine that with the fact that we had the best video year in 10 years has to be -- and half our base now is X1.

如果你看看我們的影片 ARPU，並將其與我們 10 年來最好的影片年這一事實結合起來，那麼我們的基數現在有一半是 X1。

It's pretty exciting to get the other half, however far it can ultimately go, with that product.

無論最終能走多遠，讓另一半使用該產品都是非常令人興奮的。

The product itself didn't remain static; the Netflix integration, just to name one, was a great achievement during the year.

產品本身並不是一成不變的。舉個例子，Netflix 的整合是這一年的偉大成就。

What we did during the Olympics was really special and of course, voice, the amount of utterances.

我們在奧運期間所做的事情非常特別，當然還有聲音和話語量。

The last thing is the team is really focused on reliability of X1, hardening the system.

最後一件事是團隊真正專注於 X1 的可靠性，強化系統。

I see in the number of charts of customers who have had it now for a couple years and what their churn and their reliability and their usage; every way you study this thing it looks like a fantastic product, game-changing product and I think the results continue to encourage us to keep going.

我在圖表中看到了已經使用該產品幾年的客戶數量，以及他們的流失率、可靠性和使用情況；從任何角度研究這個東西，它看起來都是一個很棒的產品，改變遊戲規則的產品，我認為結果將繼續鼓勵我們繼續前進。

Ben, it's Mike.

本，是麥克。

On free cash flow in 2016, the decline was for the reasons we talked about on this call a year ago.

2016 年自由現金流下降的原因與我們一年前在電話會議上談到的原因相同。

It was a year where we had in particular a drag on working capital, given the Olympics.

考慮到奧運的舉辦，這一年我們的營運資金尤其受到拖累。

But as you look at 2017, for -- based on everything we said earlier on this call, the operating results and momentum in both of the operating businesses as well as a plan for good investments in the businesses, net of all that is we expect to grow free cash flow in 2017.

但當你展望 2017 年時，基於我們之前在本次電話會議上所說的一切，兩個運營業務的運營業績和勢頭以及對業務的良好投資計劃（扣除我們預期的所有內容） 2017年增加自由現金流。

Beyond that I would say it's our expectation to be growing free cash flow over the long term, though one year to the next we will have some variability based upon some of the investments and obviously some of the business cycles.

除此之外，我想說的是，我們的期望是長期成長的自由現金流，儘管一年後我們會根據一些投資和顯然一些商業週期而出現一些變化。

But we do focus on it; it's a big important factor as we are running the Company.

但我們確實關注它；這是我們經營公司時的重要因素。

It's not the only thing we look at though.

但這並不是我們唯一關注的事情。

So hopefully that covers it for you.

希望這能幫到你。

Thank you very much.

非常感謝。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

Thank you.

謝謝。

Brian, I wonder if you could talk a little bit more about your wireless entry this year and, in particular, how should we think about the MVNO agreement with Verizon?

Brian，我想知道您是否可以多談談您今年的無線業務，特別是我們應該如何考慮與 Verizon 的 MVNO 協議？

Should we think of the MVNO agreement as sort of an end-state, that is something that you think you can actually make a real sustainable long-term business?

我們是否應該將 MVNO 協議視為一種最終狀態，即您認為實際上可以開展真正可持續的長期業務？

Or more as a stepping stone to a longer-term strategy, where you think of the MVNO really as sort of the market entry strategy instead?

或者更多的是作為長期策略的墊腳石，您認為 MVNO 真的是一種市場進入策略嗎？

I think what we said was pretty clear, but to go a little deeper into that now is, I believe that we will find out but we are hoping that is an end-stage strategy and that it's sustainable.

我認為我們說的很清楚，但現在要更深入一點，我相信我們會找到答案，但我們希望這是一個最終階段的策略，並且它是可持續的。

The goal of the business is to have better bundling with some of our customers who want to save some of their bill and get a world-class product and take a bundle and have lower churn.

該業務的目標是與我們的一些客戶進行更好的捆綁銷售，這些客戶希望節省一些帳單並獲得世界一流的產品，並採取捆綁銷售並降低客戶流失率。

And if you can achieve that we will see.

如果你能實現這個目標，我們將會拭目以待。

The economics really work and that's the goal.

經濟學確實有效，這就是目標。

There's only one way to find out and it's to get started.

只有一種方法可以找到答案，那就是開始。

We're going to take it very carefully and Neil is doing a great job getting us organized.

我們將非常謹慎地對待這件事，尼爾在讓我們組織起來方面做得非常出色。

If I could ask a follow-up then, Brian, the Verizon relationship then, do you think of it as a network supplier or is it deeper than that?

Brian，如果我可以問一下後續問題，那麼你是否將 Verizon 視為網路供應商，還是比這更深層的關係？

Is it really a partner in the wireless business?

它真的是無線業務的合作夥伴嗎？

I'm going to stop there and say stay tuned and we will clarify things.

我要在這裡停下來，請繼續關注，我們會澄清事情。

But we are putting together -- we have a good relationship, we believe, and we are excited to get it launched.

但我們正在團結起來——我們相信我們有良好的關係，我們很高興能推出它。

We will learn a lot as we go.

我們一路走來會學到很多。

One example is the way X1 worked.

X1 的工作方式就是一個例子。

We crawled, walked, ran and we knew for sure that we had a really special thing before we really hit the pedal.

我們爬行、行走、奔跑，在我們真正踩下踏板之前，我們確信我們有一件非常特別的事。

And that allowed us to answer the previous question with a lot of confidence, as we have a world-class product.

這讓我們充滿信心地回答上一個問題，因為我們擁有世界一流的產品。

And we think we have the piece-parts, but we will find out together and we will be very transparent as we go.

我們認為我們已經掌握了各個部分，但我們將共同找出答案，並且我們的進展將非常透明。

That's great.

那太棒了。

Thanks, Brian.

謝謝，布萊恩。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

Just a question for Mr. Smit.

只是問史密特先生一個問題。

I think there's still some confusion, at least among our clients, about whether coax or fiber can support 5G.

我認為至少在我們的客戶中，對於同軸電纜或光纖是否可以支援 5G 仍然存在一些困惑。

And so can you just elaborate on your view of that, in particular any sort of color on where you are in terms of homes passed per node?

那麼您能否詳細闡述您對此的看法，特別是就每個節點通過的房屋而言，您所處的位置的任何顏色？

Are we sort of at the 250 level or is it lower than that?

我們是處於 250 水平還是低於這個水平？

Any sort of color would be helpful.

任何類型的顏色都會有幫助。

Jason, I think the 5G is an exciting evolution in the business.

Jason，我認為 5G 是一項令人興奮的商業變革。

It has some characteristics that require densification of antennas.

它具有一些需要天線緻密化的特性。

It propagates over short distances; doesn't pass through physical objects very well.

它可以短距離傳播；不能很好地穿過物理物體。

We're doing some testing right now.

我們現在正在做一些測試。

We think that it's going to need economical space, power, and backhaul.

我們認為它將需要經濟的空間、電力和回程。

We have, call it, 150,000 miles of fiber across 650,000 miles of total plant and we think that we are well-positioned to participate in the 5G rollout, no matter how it happens, as a result of having all those assets in place already.

我們在 650,000 英里的總工廠中擁有 150,000 英里的光纖，我們認為，無論發生什麼情況，我們都處於有利地位，可以參與 5G 的部署，因為所有這些資產都已經就位。

Concerning the usage, our HSD usage went from an average of -- a median of 88 gigabits per month in Q4 and that's up 55% from 57 gigabits during the same period of 2015.

關於使用情況，我們的 HSD 使用情況從第四季度的平均每月 88 吉比特增長到 2015 年同期的 57 吉比特，增長了 55%。

If you look at cellular data usage, it's about 3 gigabits per month average, so there's a lot of capacity in the wired network.

如果您查看蜂窩數據使用情況，平均每月約 3 GB，因此有線網路有大量容量。

We feel comfortable with our position in participating in the overall 5G rollout.

我們對參與 5G 整體部署的立場感到滿意。

Is it fair to say that you can't support 5G on coax, but you may be able to do it on fiber?

可以說同軸電纜不支援 5G，但光纖可以支援 5G？

Is that too simple of a distillation?

蒸餾是不是太簡單了？

I think that's a simple distillation.

我認為這是一個簡單的蒸餾。

We are testing and we will continue to learn.

我們正在測試，並將繼續學習。

It's early in the rollout.

現在還處於推出初期。

Okay, thank you.

好的謝謝。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

One for Neil on video.

影片中尼爾的一張。

It's great to see you growing video subs.

很高興看到您的影片訂閱人數不斷增加。

Is it still your goal to grow video at this or a faster pace, given the expansion of X1 better customer experience?

鑑於 X1 的擴展提供了更好的客戶體驗，您的目標是否仍然是以這種速度或更快的速度成長影片？

And how do you see that potentially offset by continued industry decline driven by cord cutting and MVPDs?

您如何看待這種情況可能被掐線和 MVPD 驅動的行業持續下滑所抵消？

And quickly a follow-up on wireless.

並迅速跟進無線。

Brian, it sounds like we should be looking for a few cities to start maybe at mid-year and slow expansion from there.

布萊恩，聽起來我們應該尋找一些城市，也許在年中開始，然後從那裡慢慢擴張。

Is that fair?

這樣公平嗎？

We continue to see opportunity in video and we will continue to focus on growth of the business and gaining market share.

我們繼續看到視訊領域的機會，我們將繼續專注於業務成長和獲得市場份額。

We've seen competition before; we've continued to adjust and compete.

我們以前見過競爭；我們不斷調整和競爭。

We think X1 is a great platform and will continue to drive video results.

我們認為 X1 是一個很棒的平台，將繼續推動視訊結果的發展。

Brian?

布萊恩？

I'm not going to add any color to our statement that we are going to launch something by the first half of the year.

我不會為我們將在今年上半年推出某些產品的聲明添加任何色彩。

We will have more to say and we will let you know when we are ready.

我們還會有更多的話要說，當我們準備好時我們會通知您。

We're not ready today to answer.

我們今天還沒準備好回答。

Got it, thank you.

收到了。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Thanks.

謝謝。

Maybe just one more try on the wireless side, maybe for Mike.

也許只是在無線方面再嘗試一次，也許對麥克來說。

Any chance you could quantify or maybe even bookend the working capital drag you expect from the wireless launch?

您是否有機會量化或甚至減少您預期無線發射帶來的營運資金拖累？

And then maybe for Neil, shifting over to business; the growth is slowing a little bit.

然後尼爾可能會轉向商業領域；成長速度正在放緩。

It seems to be sort of an emerging trend across the industry.

這似乎是整個產業的新興趨勢。

Can you remind us where your market shares are both in the small- and medium-sized business market, maybe the investment strategy, and whether you expect to see that deceleration level off as we look out into 2017?

您能否提醒我們您在中小型企業市場的市場份額，也許是投資策略，以及您是否期望看到 2017 年減速趨於平穩？

Just on handsets, made the point earlier that the whole thing in wireless is going to success-based, so I would wrap the comments on free cash flow for 2017 in what I said earlier.

就手機而言，我之前曾指出，無線領域的整個事情都將以成功為基礎，因此我將在我之前所說的內容中總結對 2017 年自由現金流的評論。

We expect to grow inclusive of everything and more to come later when we actually come back to talk about the wireless launch.

當我們真正回來談論無線發佈時，我們希望能夠包容一切，甚至更多。

In terms of business services, we expect to continue to grow, generate double-digit revenue growth for the next several years by capturing share.

在商業服務方面，我們預計將繼續成長，透過佔領市場份額，在未來幾年實現兩位數的收入成長。

It is a $5.5 billion revenue business.

這是一項收入 55 億美元的業務。

We've been growing about $0.75 billion per year over the last couple years.

過去幾年，我們每年成長約 7.5 億美元。

We have about 20% share in small, 15% share in medium, and the opportunity in enterprises we believe is a $13 billion to $15 billion opportunity in our market.

我們在小型企業中擁有約 20% 的份額，在中型企業中擁有 15% 的份額，我們認為企業的機會在我們的市場中具有 130 億至 150 億美元的機會。

So we see strong growth across all three segments.

因此，我們看到所有三個細分市場都出現了強勁成長。

Okay, thanks.

好的謝謝。

Vijay Jayant, Evercore ISI.

Vijay Jayant，Evercore ISI。

Just a broader question for Brian.

這只是布萊恩的一個更廣泛的問題。

With the prospect of Trump-related tax reform and deregulated FCC philosophy, can you talk about those work out based on current thinking?

考慮到川普相關的稅制改革和放鬆管制的FCC概念，您能談談基於當前想法的那些工作嗎？

What will you do differently in terms of investments and return of capital?

在投資和資本回報方面您會採取哪些不同的做法？

And a quick one for Neil.

對尼爾來說，這是一個快速的。

Obviously, the Netflix carriage on the X1 platform that you guys talked about being very successful; are these platforms willing to pay to be authenticated on these platforms?

顯然，你們所說的X1平台上的Netflix馬車非常成功；這些平台是否願意付費在這些平台上進行身分驗證？

Is that a real opportunity as you add more applications on?

當您添加更多應用程式時，這真的是一個機會嗎？

Thanks so much.

非常感謝。

Thanks for the question.

謝謝你的提問。

I think regulatory certainty for investors is the same as it is for management: it helps you have the confidence to make long-term plans.

我認為監管的確定性對投資人來說和對管理階層來說是一樣的：它可以幫助你有信心製定長期計畫。

And the kind of discussion we've been having this morning, whether it's fiber or other investments in in-home equipment and what your business opportunities are, the more uncertainty, the less encouraging it is to want to invest.

我們今天早上一直在進行的討論，無論是光纖還是其他家用設備投資，以及您的商業機會是什麼，不確定性越大，投資意願就越不令人鼓舞。

So we are encouraged by the prospect of rules that we believe will encourage that investment, stimulate investment, whether that's tax decreases or revisiting the authority of the government to go to places that they said they weren't going to but legally they could go to in the Open Internet order with Title II.

因此，我們對規則的前景感到鼓舞，我們相信這些規則將鼓勵投資，刺激投資，無論是減稅還是重新審視政府的權力，以前往他們表示不會去但合法地可以去的地方在開放互聯網秩序第二章中。

We're looking forward to working with the new administration and the new regulatory leaders to try to frame something that is good for consumers and gives a stable platform that we can invest and I think should allow us to accelerate both business opportunities.

我們期待與新政府和新監管領導人合作，努力建構對消費者有利的東西，並提供一個穩定的平台供我們投資，我認為這應該能讓我們加速這兩個商業機會。

And if there are things such as tax returns, then revisit where all that opportunity lies and how much gets returned to shareholders and invested in new opportunities.

如果有諸如納稅申報表之類的事情，那麼請重新審視所有機會所在，以及有多少回報給股東並投資於新機會。

So we are encouraged and stay tuned.

因此，我們受到鼓舞並保持關注。

Certainly the Netflix integration, I think it's a tribute to both the flexibility of the platform that we were able to integrate it so smoothly and a tribute to Tony Werner and the technology team and the speed with which they got it done.

當然，Netflix 的集成，我認為這既歸功於我們能夠如此順利地集成平台的靈活性，也歸功於 Tony Werner 和技術團隊以及他們完成任務的速度。

VOD viewing for the fourth quarter was up overall about 18%.

第四季 VOD 收視率整體成長了約 18%。

We want to offer more and complementary content to make the viewing experiences as rich and easy to access as possible, so we will continue to seek other partners and integrate them into the overall experience.

我們希望提供更多的補充內容，使觀看體驗盡可能豐富且易於訪問，因此我們將繼續尋找其他合作夥伴，並將它們融入整體體驗中。

Great, thank you.

太好了謝謝。

Marci Ryvicker, Wells Fargo.

馬西·裡維克（Marci Ryvicker），富國銀行。

Thanks, I have two.

謝謝，我有兩個。

The first one is for Steve.

第一個是給史蒂夫的。

Assuming that at some point there is an increase in the national cap or the UHF discount is reinstated, what is your appetite to acquire stations?

假設在某個時候全國上限增加或恢復 UHF 折扣，您對收購電台的興趣是什麼？

And then my second question is for Mike and your view on capital returns.

我的第二個問題是問麥克和你對資本回報的看法。

Just curious; how flexible is this?

只是好奇;這有多靈活？

We're going to have option over -- there's the potential for tax reform.

我們將有一個選擇——有可能進行稅改。

Is this something that you will revisit from time to time, or is your view on capital returns that it is a one-time process and you will revisit it again next year?

您是否會不時重新審視這一點，或者您對資本回報的看法是否是一次性過程，明年您將再次重新審視？

Thanks.

謝謝。

We like the broadcast business.

我們喜歡廣播業務。

We think we're doing well in it and recently took an affiliation back from an affiliate in Boston and launched a station there, which we now own as of January 1, at essentially no cost.

我們認為我們在這方面做得很好，最近從波士頓的一家附屬機構收回了從屬關係，並在那裡推出了一個電台，我們現在從 1 月 1 日起擁有該電台，基本上沒有成本。

We had some startup costs, but that to me was a wonderful way to increase our footprint.

我們有一些啟動成本，但對我來說這是擴大我們足跡的好方法。

I don't think there is a necessity to increase our footprint, but I think if the caps get changed we would certainly look at it and do what's right for the Company.

我認為沒有必要增加我們的足跡，但我認為如果上限發生變化，我們肯定會考慮並做對公司有利的事情。

Marci, it's Mike.

瑪西，是麥克。

On capital return, it is an annual exercise.

在資本回報方面，這是每年一次的演習。

We take it seriously this time of year and give what we think is the right guidance for what we will do in the course of the year.

每年這個時候我們都會認真對待它，並為我們今年的工作提供我們認為正確的指導。

Factoring in everything we have a point of view on, obviously.

顯然，要考慮到我們所持觀點的一切因素。

That would include everything but in this case corporate tax reform.

這將包括除本例中的公司稅改革之外的所有內容。

Corporate tax reform we're in a wait-and-see mode.

公司稅改革我們處於觀望狀態。

We are big supporters of the idea of corporate tax reform.

我們是公司稅改革想法的大力支持者。

We think it would be good for the US economy, but none of our capital plans, none of what I've described today are counting on any particular changes in corporate tax.

我們認為這對美國經濟有利，但我們的資本計畫、我今天所描述的計畫都不依賴公司稅的任何特定變化。

I think it's going to -- when all that is done, we will do a holistic review of what it all means and come back and report.

我認為，當所有這些都完成後，我們將對這一切的含義進行全面審查，然後再回來報告。

That may well be in this call next year, but if it happens really early in the year, we will see.

這很可能會出現在明年的電話會議中，但如果它真的發生在今年早些時候，我們拭目以待。

Got it, thank you.

收到了。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Good morning.

早安.

Wanted to ask a question on cable advertising and also one on the theme parks, if that's okay.

想問一個關於有線電視廣告的問題，還有一個關於主題樂園的問題，如果可以的話。

First, on cable advertising.

首先是有線電視廣告。

Excluding political, it's been pretty soft for a few quarters now.

排除政治因素，幾個季度以來情況一直相當疲軟。

Is that something you view as cyclical or secular?

您認為這是週期性的還是長期的？

If it is secular, do you have any view on when you think revenue growth from advanced advertising will be large enough to offset it and bring you back to your growth trajectory there?

如果它是長期的，您認為高級廣告的收入成長何時足以抵消它並讓您回到那裡的成長軌跡有什麼看法嗎？

Then on the theme parks, I was just curious, Steve, what are the trends you are seeing with booking and reservations?

那麼在主題樂園方面，我很好奇，史蒂夫，您在預訂方面看到的趨勢是什麼？

And are you seeing any impact from -- I know it's been quiet on the Zika front lately, but are you seeing any impact from concerns reemerging as the weather warms up this spring?

我知道最近寨卡病毒疫情一直很平靜，但隨著今年春天天氣變暖，您是否看到了重新出現的擔憂帶來的任何影響？

Thanks.

謝謝。

On cable advertising, we have seen the core a little softer than in the past.

在有線電視廣告方面，我們看到核心比過去稍微軟一點。

Auto, in particular, is a little bit soft, but I think it may just be cyclical.

尤其是汽車，有點軟，但我認為它可能只是週期性的。

And we are making up some of the difference in advanced advertising; we are seeing strong growth there and I think we will continue to build upon that capability going forward.

我們正在彌補一些高級廣告的差異；我們在那裡看到了強勁的成長，我認為我們將繼續在這項能力的基礎上向前發展。

Just to add to what Neil said about local cable advertising, the national advertising market is very strong and it has been very strong now for a while.

補充一下尼爾對當地有線電視廣告的看法，全國廣告市場非常強勁，而且已經強勁了一段時間了。

We had such a good upfront last year, one would have assumed that scatter might slow down; that often happens.

去年我們的預付款非常好，人們會認為分散速度可能會減慢；這種事常發生。

That has not happened this time.

這次沒有發生這種情況。

All of the indications -- options, cancellations, the type of shows people want to get into -- suggest to me that we have a good shot of having another very, very strong upfront nationally.

所有的跡象——選擇、取消、人們想要觀看的節目類型——對我來說都表明我們很有可能在全國範圍內舉辦另一場非常非常強大的預演。

In terms of theme parks, all the bookings and advanced indications for Florida and for California remain strong, quite strong.

就主題樂園而言，佛羅裡達州和加州的所有預訂和預先跡象仍然強勁，相當強勁。

I think we're going to have a very big year in Orlando.

我認為我們將在奧蘭多度過非常重要的一年。

We're opening, I believe, the world's best water park in the spring and an attraction based on The Tonight Show.

我相信，我們將在春季開放世界上最好的水上樂園，以及根據《今夜秀》改編的景點。

And that will get a lot of publicity and a lot of attention.

這將得到大量的宣傳和關注。

Hotels are 90% occupancy.

飯店入住率90%。

Bookings look great and we got great new attractions, so my bet is we're going to have a very strong year in both Orlando and in California.

預訂量看起來很棒，而且我們有很棒的新景點，所以我敢打賭，我們在奧蘭多和加利福尼亞州都將度過非常強勁的一年。

And then Japan; we own 51% of Osaka.

然後是日本；我們擁有大阪 51% 的股份。

Japan has a Despicable Me attraction going in and their attendance trends are good.

日本有一個《卑鄙的我》景點正在開業，而且遊客人數趨勢良好。

So I think all green lights, as far as I can see, in the theme park business.

因此，據我所知，我認為主題樂園業務已全部開綠燈。

Great, thank you.

太好了謝謝。

Anthony DiClemente, Instinet.

安東尼·迪克萊門特，Instinet。

Thanks.

謝謝。

I have one for Mike and one for Neil.

我有一份給麥克，一份給尼爾。

Mike, on the 2017 programming expense uplift of 13%, just wondering on a net basis what that is going to imply for cable OCF growth in 2017.

麥克，關於 2017 年節目製作費用增加 13%，只是想知道這對 2017 年有線電視 OCF 的成長意味著什麼。

We're getting to around mid single-digits and I assume it could decelerate.

我們正在接近個位數左右，我認為它可能會減速。

Can you just talk about that?

能簡單談談嗎？

And then should it re-accelerate again in 2018 as the programming expense growth moderates as you described?

那麼，隨著程式費用增長如您所描述的那樣放緩，它是否應該在 2018 年再次加速？

Then maybe for Neil, back to the topic of set-top box integration.

那麼對於尼爾來說，也許回到機上盒整合的主題。

You talked about Netflix; before year-end you signed a deal to integrate sling into the X1 platform.

你談到了 Netflix；年底前，您簽署了一項協議，將 Sling 整合到 X1 平台中。

So just wondering about that decision.

所以只是想知道這個決定。

Just talk about the thought process there.

就說說那裡的思考過程。

Does that one create any risk from a competitive standpoint over time?

隨著時間的推移，從競爭的角度來看，這會帶來任何風險嗎？

Thank you for the question.

感謝你的提問。

Thanks, Anthony, for the question; it's Mike.

謝謝安東尼提出的問題；是麥克。

On the first point, I will just maybe restate some of what we said earlier, which is that, yes, programming costs are high in 2017 for the reasons we described, which is big renewals happening in the second half of 2016 with effect at the beginning of 2017.

關於第一點，我可能會重申我們之前所說的一些內容，那就是，是的，由於我們所描述的原因，2017 年的編程成本很高，這是 2016 年下半年發生的重大更新，自2017年初。

And that rate comes down in the years that follow 2017 to something that looks more normal.

2017 年之後的幾年裡，這一比率下降到看起來更正常的水平。

I would say the overarching and important point is all the work that Neil and team have been doing on non-programming costs.

我想說最重要的一點是尼爾和團隊在非程式設計成本方面所做的所有工作。

You saw it in 2016 where when programming costs were also higher than their normal -- the long-term rates.

你在 2016 年就看到了這一點，當時的程式設計成本也高於正常水準——長期費率。

Great work to protect the margin of the overall business.

保護整體業務利潤的出色工作。

And the guidance we gave for margin is that it will be flat again to down 50 basis points in 2017.

我們對利潤率的指導是，2017 年利潤率將再次持平，下降 50 個基點。

So, obviously, all the growth and initiatives that Neil has working to drive the top line will push through that margin.

因此，顯然，尼爾為推動收入而採取的所有成長和舉措都將推動這一利潤率的成長。

And I will leave it to you to kind of model that out.

我將把它留給你來模擬它。

Concerning the sling integration, we really were focused on the multicultural content that they had.

關於 Sling 集成，我們真正關注的是他們擁有的多元文化內容。

It's an important segment for us to target and we think they have great content and will be a good partner to integrate.

這是我們瞄準的一個重要細分市場，我們認為他們擁有很棒的內容，並且將是一個很好的整合合作夥伴。

Brett Feldman, Goldman Sachs.

布雷特·費爾德曼，高盛。

Thanks.

謝謝。

I want to ask about the customer service expenses.

我想問一下客服費用。

They were actually down year-over-year in the quarter.

該季度的實際成長率年減。

You mentioned you had fewer calls into customer service as a driver and this is an area where you have just invested so much over the last few years.

您提到，作為一名司機，您撥打客戶服務的電話較少，而這是您在過去幾年中剛剛投入大量資金的領域。

I'm wondering if what we saw is potentially an inflection point, meaning you are not simply benefiting through lower churn, but you're actually getting better operating leverage now through the P&L because of the sum total of the investments that you've made there.

我想知道我們所看到的是否可能是一個拐點，這意味著您不僅僅通過降低客戶流失率而受益，而且由於您所做的投資總額，您現在實際上通過損益表獲得了更好的運營槓桿那裡。

I think that's a good assessment.

我認為這是一個很好的評估。

We have made investments on taking noise out of the system, reducing the calls, focusing the truck rolls, getting it right the first time, being on time, and all those things -- the move experience, the onboarding experience -- we are very focused on.

我們在消除系統噪音、減少呼叫、集中上門服務、第一次就把事情做好、準時以及所有這些方面——搬家體驗、入職體驗——方面進行了投資。

And the teams have done a great job, led by Dave Watson in driving, as I said, some of the noise out of the system.

正如我所說，在戴夫沃森 (Dave Watson) 的帶領下，團隊在消除系統中的一些噪音方面做得非常出色。

And I think ultimately this will reflect itself in better profitability as we take unnecessary costs out of the system and we retain customers for a longer period as a result.

我認為最終這將體現在更好的盈利能力上，因為我們消除了系統中不必要的成本，從而更長時間地保留了客戶。

Is this one of the key line items that supports your outlook for less upward pressure on non-programming expenses this year?

這是支持您預計今年非節目支出上行壓力較小的關鍵項目之一嗎？

Yes, it is.

是的。

Great, thanks for taking the question.

太好了，感謝您提出問題。

Thank you, Brett, and thank you, everyone, for joining us this morning.

謝謝布雷特，也謝謝大家今天早上加入我們。

We will wrap it up there.

我們會把它包起來。

Regina, back to you.

雷吉娜，回到你身邊。

There will be a replay available of today's call starting at 12:00 PM Eastern Time.

今天的電話會議將從東部時間中午 12:00 開始重播。

It will run through Thursday, February 2, at midnight Eastern Time.

它將持續到東部時間 2 月 2 日星期四午夜。

The dial-in number is 855-859-2056 and the conference ID number is 40819623.

撥入號碼為 855-859-2056，會議 ID 號碼為 40819623。

A recording of the conference call will also be available on the Company's website beginning at 12:30 p.m.

電話會議的錄音也將於中午 12:30 開始在公司網站上發布。

Eastern Time today.

今天東部時間。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may all disconnect.

你們都可以斷開連線。