康卡斯特 (CMCSA) 2017 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's First Quarter 2017 Earnings Conference Call.

女士們，先生們，早上好，歡迎參加康卡斯特 2017 年第一季度收益電話會議。

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

（操作員說明）請注意，此電話會議正在錄音中。

I would 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 Dave Watson.

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

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

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

As a reminder, and this will be the last day this is in place, but it is in place at this time, as part of the FCC's anticollusion rules for the broadcast incentive auction, we cannot discuss or answer any questions related to the auction or spectrum on today's call.

提醒一下，這將是最後一天，但目前已經到位，作為 FCC 針對廣播激勵拍賣的反串通規則的一部分，我們無法討論或回答與拍賣或相關的任何問題今天電話的頻譜。

As always, let me now refer you to Slide #2, which contains our safe harbor disclaimer, and remind you this conference call may include forward-looking statements subject to certain risks and uncertainties.

與往常一樣，現在讓我向您推薦幻燈片 #2，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？

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早上好。

We are off to a fantastic start, our fastest in 5 years.

我們有了一個夢幻般的開端，這是我們 5 年來最快的開端。

In the first quarter, we increased revenue by 9% and EBITDA by over 10%.

第一季度，我們的收入增長了 9%，EBITDA 增長了 10% 以上。

These outstanding results were highlighted by NBCUniversal, which increased EBITDA by 24%, driven by strong growth at each business.

NBCUniversal 強調了這些出色的業績，在各項業務強勁增長的推動下，EBITDA 增長了 24%。

At Theme Parks, our multiyear momentum continues.

在主題公園，我們多年的勢頭仍在繼續。

A great example is the success of Harry Potter in Hollywood, where we saw a 60% increase in attendance this quarter.

一個很好的例子是哈利波特在好萊塢的成功，我們看到本季度的出席人數增加了 60%。

And we have some incredible new attractions in the second quarter.

我們在第二季度有一些令人難以置信的新景點。

In Orlando, Jimmy Fallon's Race Through New York opened earlier this month, and we think Volcano Bay will transform the water park experience for visitors when it opens as a third gate in just a few weeks.

本月早些時候，在奧蘭多，吉米·法倫 (Jimmy Fallon) 的紐約賽跑 (Race Through New York) 開幕，我們認為火山灣 (Volcano Bay) 將在短短幾週內作為第三個大門開放，從而改變遊客的水上樂園體驗。

It looks amazing.

看起來很神奇。

And in Japan, we leveraged one of our most successful film franchises with the opening of Minions Park last week.

在日本，我們利用了我們最成功的電影特許經營權之一，上週開設了小黃人公園。

Our confidence in the trajectory and leadership of the parks business under Tom Williams reinforced our decision to acquire the remaining 49% of Universal Studios Japan.

我們對湯姆·威廉姆斯 (Tom Williams) 領導下的公園業務的發展軌跡和領導力充滿信心，這加強了我們收購日本環球影城剩餘 49% 股權的決定。

In film, as I've said repeatedly, we have an exceptional management team at Universal that is taking smart risks and using skillful marketing, and the results speak for themselves.

在電影方面，正如我反复說過的那樣，我們在環球影業擁有一支出色的管理團隊，他們承擔著明智的風險並使用熟練的營銷方式，結果不言而喻。

The first quarter's terrific performance was driven by a wide range of theatrical releases, including Fifty Shades Darker, Split and Get Out as well as the carryover success of Sing.

第一季度的出色表現得益於廣泛的院線發行，包括《五十度黑》、《分裂》和《走出去》，以及《歌唱》的成功延續。

Our box office strength has continued in the second quarter with Boss Baby and the exciting premiere of Fate of the Furious, which just set the new box office record with the biggest-ever global opening.

我們的票房實力在第二季度繼續延續，《Boss Baby》和激動人心的《Fate of the Furious》首映，剛剛創下全球首映票房新紀錄。

Turning to our TV businesses.

轉向我們的電視業務。

NBC has maintained a healthy lead and as the season ends, remains the top-ranked network in prime time for the fourth consecutive season.

NBC 保持著健康的領先優勢，並且隨著賽季結束，連續第四個賽季保持在黃金時段排名第一的網絡。

Congratulations to Bob Greenblatt and everyone at the network.

祝賀 Bob Greenblatt 和網絡中的每個人。

At Cable Networks, we had a strong quarter.

在有線電視網絡，我們有一個強勁的季度。

I would highlight MSNBC, which continued its outstanding performance with record ratings and even topped CNN in total viewers during weekday prime and total day for the quarter.

我要強調 MSNBC，它繼續以創紀錄的收視率表現出色，甚至在工作日的黃金時段和本季度的總日收視率中超過 CNN。

With our unified portfolio of NBC Broadcast, Telemundo and Cable Networks, we feel great about our position as we head into the advertising upfront.

憑藉我們統一的 NBC Broadcast、Telemundo 和 Cable Networks 產品組合，我們在進入廣告前期工作時對我們的地位感到非常滿意。

We will be selling into an exciting 2017-2018 season that includes our airing of 3 of the biggest events on television with the Super Bowl, the Winter Olympics and the World Cup on Telemundo.

我們將在激動人心的 2017-2018 賽季進行銷售，其中包括我們在電視上播出的 3 項最大賽事，包括在 Telemundo 上的超級碗、冬季奧運會和世界杯。

So really, a fabulous quarter from NBCUniversal, further validation of what a transformative acquisition this was for us, perhaps the best in our history.

真的，來自 NBCUniversal 的精彩季度，進一步驗證了這對我們來說是一次變革性的收購，也許是我們歷史上最好的收購。

Moving on to Cable Communications.

轉到有線通信。

I want to start by thanking Neil Smit for all that he has done as CEO of Comcast Cable.

首先，我要感謝 Neil Smit 作為 Comcast Cable 首席執行官所做的一切。

I can't say enough about Neil and a number of you have reached out as well to say how fortunate we are to have had his leadership and character at Comcast over these 7-plus years.

關於尼爾，我不能說太多，你們中的一些人也已經伸出援手，說在這 7 年多的時間裡，我們有多麼幸運在康卡斯特擁有他的領導力和性格。

He handed over the company to his top leader, Dave Watson, who, as you can see already, is off to a very strong start.

他將公司交給了他的最高領導人戴夫·沃森，正如你已經看到的那樣，他的開端非常強勁。

We had an excellent quarter balancing robust EBITDA growth with terrific customer metrics.

我們有一個出色的季度，平衡了強勁的 EBITDA 增長和出色的客戶指標。

We added 297,000 customer relationships, a 10% increase compared to the first quarter of 2016, with 429,000 broadband subscriber additions and 42,000 video subscriber additions.

我們增加了 297,000 個客戶關係，與 2016 年第一季度相比增長了 10%，新增了 429,000 個寬帶用戶和 42,000 個視頻用戶。

We're also seeing good traction with XFINITY Home and now have nearly 1 million customers.

我們也看到了 XFINITY Home 的良好牽引力，現在擁有近 100 萬客戶。

And our best opportunities are ahead of us with a road map to continue adding value for our customers and differentiating all of our products.

我們最好的機會就在我們面前，我們有一張路線圖，可以繼續為我們的客戶增加價值，並使我們的所有產品與眾不同。

Next month, we will be launching our new cloud-based smart home networking solution for customers with our Wi-Fi gateway.

下個月，我們將通過我們的 Wi-Fi 網關為客戶推出新的基於雲的智能家居網絡解決方案。

We're going to call it xFi.

我們將其稱為 xFi。

Just like X1 has transformed how our customers experience television, we think this will be a game-changer for Wi-Fi, enabling people to easily improve, personalize, manage and control their home network and the devices connected to it.

就像 X1 改變了我們的客戶體驗電視的方式一樣，我們認為這將改變 Wi-Fi 的遊戲規則，使人們能夠輕鬆地改進、個性化、管理和控制他們的家庭網絡以及與之連接的設備。

We also continue to add to the X1 platform.

我們還繼續添加到 X1 平台。

On the heels of our successful Netflix integration late last year, during the first quarter, we announced that we are also going to make YouTube content available on X1, all searchable using our beloved voice remote control.

繼去年年底我們成功整合 Netflix 之後，在第一季度，我們宣布我們還將在 X1 上提供 YouTube 內容，所有內容都可以使用我們心愛的語音遙控器進行搜索。

This will allow our customers to seamlessly browse and access billions of YouTube videos alongside our live and on-demand programming options.

這將使我們的客戶能夠無縫瀏覽和訪問數十億個 YouTube 視頻以及我們的直播和點播節目選項。

And earlier this month, we unveiled our highly anticipated wireless service, XFINITY Mobile, with simple, straightforward plans and a digital-first experience.

本月早些時候，我們推出了備受期待的無線服務 XFINITY Mobile，它提供簡單明了的計劃和數字優先體驗。

We believe including mobile in our bundles will help improve retention and ultimately benefit lifetime customer economics.

我們相信，在我們的捆綁包中包含移動設備將有助於提高留存率，並最終有利於終生客戶經濟。

We are taking a disciplined approach to the wireless business, leveraging our existing customer relationships and infrastructure along with our access to Verizon's industry-leading wireless network.

我們正在對無線業務採取嚴格的方法，利用我們現有的客戶關係和基礎設施以及我們對 Verizon 行業領先的無線網絡的訪問。

We expect to be NPV-positive per subscriber on a stand-alone basis once we reach a limited initial scale over time.

一旦隨著時間的推移達到有限的初始規模，我們預計每個訂閱者的 NPV 為正。

Our digital-first approach to XFINITY Mobile reflects a broader shift in how we view the future of the customer experience.

我們對 XFINITY Mobile 的數字優先方法反映了我們看待客戶體驗未來的方式發生了更廣泛的轉變。

We're making it a priority to give our customers the ability to interact with us through a variety of options in the digital world, including online, on devices and even through X1.

我們將優先考慮讓我們的客戶能夠通過數字世界中的各種選項與我們互動，包括在線、設備上甚至通過 X1。

We know this is what our customers want, and we are working hard to provide the tools so they can do it with ease.

我們知道這是我們的客戶想要的，我們正在努力提供工具，以便他們可以輕鬆地做到這一點。

As we continue our effort to improve the experience, we've seen how quickly customers respond to these initiatives.

隨著我們繼續努力改善體驗，我們已經看到客戶對這些舉措的響應速度有多快。

You may recall, about 2 years ago, we committed to making customer service our best product.

您可能還記得，大約 2 年前，我們致力於讓客戶服務成為我們最好的產品。

We put meaningful investment towards this goal, and it's really working.

我們為這個目標投入了有意義的投資，而且確實奏效了。

In the first quarter, we reduced customer calls handled by our agents by over 4 million, a double-digit improvement year-over-year.

第一季度，我們的座席處理的客戶電話減少了超過 400 萬，同比增長兩位數。

First call resolution is at a multiyear high, a sign that we are making progress in terms of getting it right the first time when our customers call with an issue.

首次通話解決率處於多年高位，這表明我們在客戶第一次打電話遇到問題時正在取得進展。

So I'm incredibly proud of these results across the entire company this quarter.

因此，我對本季度整個公司的這些結果感到無比自豪。

And with our unique innovation platforms at Comcast Cable and the industry-leading growth at NBCUniversal, we are off to a great start.

憑藉我們在 Comcast Cable 獨特的創新平台和 NBCUniversal 行業領先的增長，我們有了一個良好的開端。

Mike, over to you.

邁克，交給你了。

Good morning, everybody.

大家早上好。

I'm on Slide 4 for those following the presentation online.

我在幻燈片 4 上觀看在線演示的人。

As Brian just said, we had a great first quarter.

正如布賴恩剛才所說，我們第一季度表現出色。

Cable delivered terrific results, balancing strong financial growth with healthy customer metrics.

Cable 取得了出色的業績，在強勁的財務增長與健康的客戶指標之間取得了平衡。

And at NBCUniversal, we had phenomenal growth this quarter with good contributions from all the business segments.

在 NBCUniversal，我們在本季度實現了驚人的增長，所有業務部門都做出了巨大貢獻。

So on a consolidated basis, revenue increased 8.9%.

因此，在綜合基礎上，收入增長了 8.9%。

Adjusted EBITDA grew 10.4%.

調整後 EBITDA 增長 10.4%。

And by the way, adjusted EBITDA is a new label for the metric we previously called operating cash flow.

順便說一句，調整後的 EBITDA 是我們之前稱為運營現金流量的指標的新標籤。

Earnings per share was $0.53, a 26.2% increase on an adjusted basis.

每股收益為 0.53 美元，經調整後增長 26.2%。

And we generated $3.1 billion in free cash flow during the quarter.

我們在本季度產生了 31 億美元的自由現金流。

So now let's start with Cable Communications on Slide 5. Cable Communications delivered strong first quarter results.

所以現在讓我們從幻燈片 5 上的有線通信開始。有線通信在第一季度取得了強勁的業績。

Revenue increased 5.8% to $12.9 billion.

收入增長 5.8% 至 129 億美元。

We added 297,000 customer relationships, and we grew total revenue per customer relationship by 2.6%.

我們增加了 297,000 個客戶關係，每個客戶關係的總收入增長了 2.6%。

Beginning this quarter, we are providing additional disclosure for residential and business customers given the success of business services, which now annualizes at about $6 billion in revenue.

從本季度開始，鑑於商業服務的成功，我們將為住宅和商業客戶提供額外的披露，目前年收入約為 60 億美元。

Now for the numbers, starting with our residential business.

現在來看數字，從我們的住宅業務開始。

We added 263,000 net new relationships, an increase of 11% over last year, and ended the quarter with nearly 27 million relationships.

我們新增了 263,000 個新關係，比去年增長 11%，並在本季度末擁有近 2700 萬個關係。

Contributing to these results were the positive benefits of customer retention, with our video and high-speed Internet churn remaining at the lowest levels in over 10 years.

促成這些結果的是客戶保留的積極好處，我們的視頻和高速互聯網流失率保持在 10 多年來的最低水平。

Customers continue to respond to our innovative X1 platform, our best-in-class, high-speed data product and the meaningful strides we have made in improving the customer experience.

客戶繼續響應我們創新的 X1 平台、一流的高速數據產品以及我們在改善客戶體驗方面取得的有意義的進展。

Our ability to bundle our products is also a key driver of customer retention, and we continue to do so successfully, with 71% of our residential customers now subscribing to at least 2 products.

我們捆綁產品的能力也是保留客戶的關鍵驅動力，我們繼續成功地做到這一點，我們 71% 的住宅客戶現在訂閱了至少 2 種產品。

In terms of the individual residential revenue categories, high-speed Internet continues to be the largest contributor to overall cable revenue growth.

就個人住宅收入類別而言，高速互聯網仍然是整體有線電視收入增長的最大貢獻者。

Revenue increased 10.1% to $3.6 billion in the quarter, driven by an increase on our residential customer base and rate adjustments.

由於住宅客戶群增加和費率調整，本季度收入增長 10.1% 至 36 億美元。

Building on the strong performance in 2016, we added 429,000 total high-speed data customers in the quarter, with 397,000 of them being residential.

基於 2016 年的強勁表現，我們在本季度新增了 429,000 名高速數據客戶，其中 397,000 名是住宅用戶。

We've invested to provide a best-in-class broadband product as we have consistently increased the speeds we offer our customers, and we continue to invest to improve the Wi-Fi experience in and out of the home.

我們不斷投資以提供一流的寬帶產品，因為我們不斷提高為客戶提供的速度，並且我們繼續投資以改善家庭內外的 Wi-Fi 體驗。

We ended the quarter with 54% of our residential customers taking speeds of 100 megabits per second or higher.

在本季度末，我們 54% 的住宅客戶採用每秒 100 兆比特或更高的速度。

Looking ahead, we believe we have a long runway for growth in adding broadband customers and a great road map to provide additional value to our existing customers.

展望未來，我們相信我們在增加寬帶客戶方面還有很長的路要走，並且為我們現有的客戶提供額外價值的路線圖很棒。

Video revenue increased 4.3% to $5.8 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services and an increase in our residential customer base.

本季度視頻收入增長 4.3% 至 58 億美元，主要是由於費率調整以及客戶訂閱額外服務以及我們的住宅客戶群增加。

Of our 42,000 total video customer net adds in the quarter, 32,000 were residential.

在本季度我們淨增加的 42,000 名視頻客戶中，有 32,000 名是住宅用戶。

X1 continues to move the needle on the customer experience, ARPU and retention, driving higher customer lifetime value.

X1 繼續在客戶體驗、ARPU 和留存率方面取得領先，從而推動更高的客戶生命週期價值。

We ended the quarter with 52% of our residential video customers having X1 compared to 35% a year ago, and we continue to expect our X1 penetration will be in the low 60% range by year-end.

我們在本季度末有 52% 的住宅視頻客戶擁有 X1，而一年前這一比例為 35%，我們繼續預計到年底我們的 X1 滲透率將處於 60% 的低位。

Voice revenue declined by 3.6% to $863 million in the first quarter, reflecting a modest decline in ARPU as well as the loss of 27,000 net residential customers.

第一季度語音收入下降 3.6% 至 8.63 億美元，反映出 ARPU 的小幅下降以及 27,000 名淨住宅客戶的流失。

We continue to believe that our Voice product is a good value for our customers and an important part of our triple and quad-play bundles.

我們仍然相信，我們的 Voice 產品對我們的客戶來說具有很高的價值，並且是我們的三重和四重播放捆綁包的重要組成部分。

Business services delivered another solid quarter of double-digit growth as revenue increased 13.6% to $1.5 billion during the quarter.

由於本季度收入增長 13.6% 至 15 億美元，商業服務又實現了兩位數的穩健增長。

We added 34,000 business customer relationships and grew revenue per business customer relationship by 5%.

我們增加了 34,000 個業務客戶關係，每個業務客戶關係的收入增長了 5%。

The small business segment accounted for about 70% of our revenue and 60% of our growth, driven primarily by the net increase in customers.

小型業務部門占我們收入的約 70% 和增長的 60%，主要受客戶淨增長的推動。

And our midsize and enterprise segments continue to grow at higher rates given the strength of our product set and the earlier stage of our efforts in these areas.

鑑於我們的產品組合的實力和我們在這些領域的早期努力，我們的中型和企業細分市場繼續以更高的速度增長。

Cable advertising revenue decreased 6.3% to $512 million in the quarter, reflecting lower political revenue compared to last year.

本季度有線電視廣告收入下降 6.3% 至 5.12 億美元，反映出與去年相比政治收入下降。

Excluding the political contribution, our cable advertising revenue decreased 2.3%, reflecting a challenging advertising environment this quarter, particularly in discretionary categories.

不計政治捐款，我們的有線廣告收入下降 2.3%，反映出本季度廣告環境充滿挑戰，尤其是在非必需品類別中。

Turning to Slide 6. First quarter Cable Communications EBITDA increased 6.3% to $5.2 billion, resulting in a margin of 40.3%, up 20 basis points compared to the first quarter of 2016.

轉到幻燈片 6。第一季度有線通信 EBITDA 增長 6.3% 至 52 億美元，利潤率為 40.3%，與 2016 年第一季度相比上升 20 個基點。

This is a terrific financial performance as we manage through a period of higher programming costs by offsetting this impact with strong revenue growth and real discipline on nonprogramming operating expenses.

這是一個了不起的財務業績，因為我們通過強勁的收入增長和對非節目運營費用的真正紀律來抵消這種影響，從而在一段較高的節目成本期間進行管理。

Programming expenses grew 11.7% during the quarter, reflecting the timing of contract renewals.

本季度的編程費用增長了 11.7%，反映了合同續籤的時間。

Because of these renewals, our programming expense growth should trend higher for the remainder of the year, consistent with our guidance at year-end.

由於這些續訂，我們的節目費用增長應該會在今年剩餘時間內呈上升趨勢，這與我們在年底時的指導一致。

Nonprogramming expenses increased 1.4% for the quarter, helping preserve margins, given the increase in programming expenses.

鑑於編程費用的增加，本季度的非編程費用增長了 1.4%，有助於保持利潤率。

As we noted during our year-end call, this growth rate is trending lower than previous quarters as we benefit from our customer experience initiatives and overall disciplined cost management.

正如我們在年終電話會議中指出的那樣，由於我們受益於我們的客戶體驗計劃和整體嚴格的成本管理，這一增長率正低於前幾個季度。

Notably, customer service expenses declined 1.1% this quarter, even as we grew our customer relationships by 3.2%.

值得注意的是，本季度客戶服務費用下降了 1.1%，儘管我們的客戶關係增長了 3.2%。

Consistent with our objectives, we expect the rate of growth for nonprogramming expenses to continue to trend lower this year compared to 2016.

與我們的目標一致，我們預計與 2016 年相比，今年非編程費用的增長率將繼續呈下降趨勢。

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

現在讓我們繼續討論 NBCUniversal 的結果。

On Slide 7, you can see NBCUniversal's revenue increased 14.7%, and EBITDA increased 24.4% in the quarter.

在幻燈片 7 上，您可以看到 NBCUniversal 的收入在本季度增長了 14.7%，EBITDA 增長了 24.4%。

These strong results were driven by successful box office, strong growth in retrans and affiliate fees as well as the continued healthy performance at Theme Parks.

這些強勁的業績是由成功的票房、轉播費和附屬費用的強勁增長以及主題公園的持續健康表現推動的。

Cable Networks delivered strong growth this quarter, with revenue increasing 7.6% and EBITDA increasing 16.8% to $1.1 billion.

Cable Networks 本季度實現強勁增長，收入增長 7.6%，EBITDA 增長 16.8%，達到 11 億美元。

This EBITDA growth is higher than recent trends of low to mid-single-digit growth, and it was the result of 2 factors: First, distribution revenue increased 8.6% due to the successful renewals of a number of our distribution agreements and should continue to contribute to healthy EBITDA growth for the remainder of the year; second, content licensing revenue increased 54%, reflecting a new licensing agreement and is timing-related.

這一 EBITDA 增長高於近期低至中個位數增長的趨勢，這是由兩個因素造成的：首先，由於我們成功續簽了一些分銷協議，分銷收入增長了 8.6%，並且應該會繼續為今年剩餘時間的 EBITDA 健康增長做出貢獻；其次，內容授權收入增長了 54%，反映了新的授權協議，並且與時間相關。

Partially offsetting this growth was a 2.9% decline in advertising revenue.

廣告收入下降 2.9% 部分抵消了這一增長。

Broadcast Television delivered another solid quarter, with revenue growth of 5.9% and EBITDA growth of 13.4% to $322 million.

廣播電視又一個穩健的季度，收入增長 5.9%，EBITDA 增長 13.4%，達到 3.22 億美元。

This growth was primarily driven by higher retransmission consent fees, which increased over 70% to $350 million, and reflect the same contract renewals I just mentioned in Cable Networks.

這一增長主要是由更高的轉播同意費推動的，該費用增加了 70% 以上，達到 3.5 億美元，這反映了我剛剛在有線電視網絡中提到的相同合同續簽。

We remain on track to reach $1.4 billion in retransmission revenue this year, a 65% increase over 2016 results.

我們今年的轉播收入仍有望達到 14 億美元，比 2016 年增長 65%。

In addition, advertising revenue was stable compared to the first quarter of 2016, reflecting higher rates offset by audience rating declines and lower volume.

此外，與 2016 年第一季度相比，廣告收入保持穩定，反映出較高的費率被收視率下降和銷量下降所抵消。

Partially offsetting this quarter's EBITDA growth were higher programming and production costs.

部分抵消本季度 EBITDA 增長的是更高的節目和製作成本。

Film revenue increased 43.2%, and EBITDA increased 120.6% to $368 million.

電影收入增長 43.2%，EBITDA 增長 120.6% 至 3.68 億美元。

These results primarily reflect higher theatrical revenue, which increased by $415 million to $651 million, due to the strong performances of Fifty Shades Darker, Get Out and Split as well as the continued success of Sing in the quarter.

這些結果主要反映了較高的影院收入，增加了 4.15 億美元，達到 6.51 億美元，這是由於《五十度黑》、《走出去》和《分裂》的強勁表現以及《歌唱》在本季度的持續成功。

In addition, film's EBITDA growth reflects a positive contribution from DreamWorks, partially offset by higher programming and production costs.

此外，電影的 EBITDA 增長反映了夢工廠的積極貢獻，部分被更高的節目和製作成本所抵消。

Theme Parks revenue increased 9%, and EBITDA increased 6.1% to $397 million in the first quarter.

第一季度主題公園收入增長 9%，EBITDA 增長 6.1% 至 3.97 億美元。

These results reflect higher attendance and higher per capita spending despite an unfavorable comparison from the timing of spring break vacations.

這些結果反映了更高的出勤率和更高的人均支出，儘管與春假時間的比較不利。

The Easter holiday occurred in the first quarter last year but occurred during the second quarter this year, creating a challenging comparison this quarter.

復活節假期發生在去年第一季度，但發生在今年第二季度，本季度比較具有挑戰性。

If we adjust for this timing, EBITDA would have grown double digits this quarter.

如果我們根據這個時間進行調整，本季度的 EBITDA 將增長兩位數。

We just opened the Jimmy Fallon attraction, and we will be opening our third gate, the Volcano Bay water theme park later this quarter.

我們剛剛開放了 Jimmy Fallon 景點，我們將在本季度晚些時候開放我們的第三個大門，即火山灣水上主題公園。

We expect these new attractions to drive growth at the parks this year.

我們預計這些新景點將推動今年公園的增長。

Let's move to Slide 8 to review our consolidated and segment capital expenditures.

讓我們轉到幻燈片 8 來回顧我們的合併和細分資本支出。

Consolidated capital expenditures increased 10.2% to $2.1 billion in the first quarter.

第一季度綜合資本支出增長 10.2% 至 21 億美元。

At Cable Communications, capital expenditures increased 13% to $1.8 billion for the quarter, resulting in capital intensity of 13.8%.

Cable Communications 本季度資本支出增長 13% 至 18 億美元，資本密集度為 13.8%。

For the full year, we continue to expect capital intensity to remain flat to 2016 at approximately 15% of total Cable Communications revenue.

對於全年，我們繼續預計到 2016 年資本密集度將保持不變，約佔有線通信總收入的 15%。

For the quarter, the increase reflects a higher level of investment in customer premise equipment related to the deployment of the X1 platform and wireless gateways.

該季度的增長反映了對與部署 X1 平台和無線網關相關的客戶端設備的更高水平的投資。

However, the increase is timing-related, and we continue to expect full year CPE spending to decline.

然而，這一增長與時間相關，我們繼續預計全年 CPE 支出將下降。

In addition to our CPE investment this quarter, CapEx growth reflects a higher level of investment in scalable infrastructure to increase network capacity as well as increased investment in line extensions.

除了我們本季度的 CPE 投資外，資本支出的增長反映了對可擴展基礎設施的更高水平的投資，以增加網絡容量以及對線路擴展的投資增加。

At NBCUniversal, first quarter capital expenditures decreased 3.3% to $285 million, reflecting an increased investment in Theme Parks, offset by lower spending at headquarters.

在 NBCUniversal，第一季度資本支出下降 3.3% 至 2.85 億美元，這反映了對主題公園的投資增加，但被總部支出的減少所抵消。

For the full year, we continue to expect NBCUniversal's capital investment plan to increase approximately 10%.

全年，我們繼續預計 NBCUniversal 的資本投資計劃將增長約 10%。

And now finishing up on Slide 9. As I mentioned earlier, we generated $3.1 billion in free cash flow in the quarter.

現在完成幻燈片 9。正如我之前提到的，我們在本季度產生了 31 億美元的自由現金流。

In terms of returning capital to shareholders, this quarter included dividend payments totaling $657 million, up 7.5%, and share repurchases of $750 million.

在向股東返還資本方面，本季度包括總計 6.57 億美元的股息支付，增長 7.5%，以及 7.5 億美元的股票回購。

We do continue to expect to repurchase $5 billion of our common shares this year.

我們確實預計今年將回購 50 億美元的普通股。

In terms of leverage, we ended the quarter at 2.2x net leverage.

在槓桿率方面，我們在本季度末的淨槓桿率為 2.2 倍。

This reflects investing activity this quarter, which primarily included a $500 million investment in Snap as part of its initial public offering and the acquisition of Icontrol Networks.

這反映了本季度的投資活動，其中主要包括對 Snap 的 5 億美元投資，作為其首次公開募股和收購 Icontrol Networks 的一部分。

I would note that subsequent to the end of the quarter, we purchased the remaining 49% stake in Universal Studios Japan for $2.3 billion.

我要指出的是，在本季度末之後，我們以 23 億美元購買了日本環球影城剩餘的 49% 股份。

Regarding the recently announced results of the FCC's broadcast incentive auction, as Jason said, it is still the quiet period, so we cannot discuss or answer any questions related to the auction or spectrum strategy today.

關於最近公佈的 FCC 廣播激勵拍賣結果，正如 Jason 所說，目前仍是靜默期，因此我們今天無法討論或回答任何與拍賣或頻譜策略相關的問題。

However, based on facts disclosed by the FCC, I can confirm that, first, in the reverse auction, NBC sold spectrum in New York, Philadelphia and Chicago for expected total proceeds of $481.6 million.

但是，根據 FCC 披露的事實，我可以確認，首先，在反向拍賣中，NBC 以 4.816 億美元的預期總收益出售了紐約、費城和芝加哥的頻譜。

In the forward auction, Comcast invested $1.7 billion to acquire spectrum in the markets identified in the FCC's public notice.

在遠期拍賣中，康卡斯特投資 17 億美元收購 FCC 公告中確定的市場的頻譜。

The average price Comcast paid per megahertz pop was $1.17.

康卡斯特為每兆赫茲支付的平均價格為 1.17 美元。

Hence, our net spectrum outlay is $1.27 billion.

因此，我們的淨頻譜支出為 12.7 億美元。

These results confirm the comments we made prior to the auction.

這些結果證實了我們在拍賣前所做的評論。

We stated we would evaluate the opportunity and purchase spectrum only if we thought the price was right and if we thought the spectrum would have strategic value.

我們表示，只有在我們認為價格合適並且我們認為頻譜具有戰略價值的情況下，我們才會評估機會併購買頻譜。

That concludes our summary of the quarter.

我們對本季度的總結到此結束。

I hope that everyone now has a good sense for how pleased we are with our results as well as our momentum for the rest of the year.

我希望每個人現在都能清楚地了解我們對我們的結果以及今年剩餘時間的勢頭有多滿意。

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

現在我將把它轉回給 Jason 來領導問答環節。

Great.

偉大的。

Thanks, Mike.

謝謝，邁克。

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

里賈納，讓我們打開問答電話吧。

(Operator Instructions) Our first question comes from the line of Jessica Reif Cohen with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美銀美林的 Jessica Reif Cohen。

I have a multi-parter.

我有一個多方。

First of all, Dave, congratulations on your new role.

首先，戴夫，祝賀你擔任新職務。

Could you outline your priorities for the year as you take over this position?

在您接任這個職位時，您能否概述一下您今年的優先事項？

For Steve, obviously, these are probably going to be the best results in media.

對於史蒂夫來說，顯然，這些可能是媒體中最好的結果。

Can you talk about the drivers as you see them for the next -- this year and beyond?

你能談談你對未來——今年及以後——的驅動因素嗎？

And then finally, if I could just throw one last one in on the auction results.

最後，如果我能在拍賣結果中加入最後一個。

It showed incredible discipline on your part.

它顯示了你令人難以置信的紀律。

And with the spectrum and the footprint, the cost was way lower than I think anybody expected in the market.

憑藉頻譜和足跡，成本遠低於我認為市場上任何人的預期。

Can you discuss your plans for a ramp-up, including potential owner economics?

你能討論一下你的升級計劃，包括潛在的所有者經濟嗎？

It just seems like -- I know you said you can't discuss specific spectrum results, but it does seem like you have a lot of optionality.

看起來 - 我知道你說你不能討論具體的頻譜結果，但看起來你確實有很多選擇餘地。

Well, Jessica, Dave here.

好吧，傑西卡，戴夫在這裡。

So thanks.

那謝謝啦。

And I've been working with Neil on our strategy for a while now, so no great surprise that I'm going to stay focused on what's working.

而且我已經與 Neil 就我們的戰略合作了一段時間，所以我將繼續專注於有效的方法也就不足為奇了。

I'm pretty comfortable to help develop and with a really good cable team.

我很樂意幫助開發並擁有一支非常優秀的有線電視團隊。

We've executed on 3 main areas: profitable growth, innovative products and services and constantly improving customer experience.

我們在三個主要領域執行：盈利增長、創新產品和服務以及不斷改善客戶體驗。

So we're going to keep focused on adding value to our customer subscriptions, and we're going to keep delivering more innovation and backing it up with this experience improvement.

因此，我們將繼續專注於為我們的客戶訂閱增加價值，我們將繼續提供更多創新並通過這種體驗改進來支持它。

So really good momentum around the innovation area, X1, broadband, Wi-Fi.

所以圍繞創新領域、X1、寬帶、Wi-Fi 的勢頭非常好。

Brian talked about xFi and now mobile.

Brian 談到了 xFi 和現在的移動。

So this will be a centerpiece for us.

所以這將是我們的核心。

And we will stay and I will stay focused on growth areas like business services.

我們將留下來，我將繼續專注於商業服務等增長領域。

Maybe of all the opportunities in front of us, the one that stands out, maybe at the top of the list to me is taking the customer experience to the next level.

也許在我們面前的所有機會中，最突出的，也許對我來說排在首位的就是將客戶體驗提升到一個新的水平。

There's real energy around this in the company; digital, giving our customers more capability to take transactions on; proactive network approaches; first-contact resolution.

公司裡有真正的能量。數字化，讓我們的客戶更有能力進行交易；主動網絡方法；首次接觸解決。

And we're going to take key moments, like when customers move or when they onboard and we're going to continue to make progress.

我們將抓住關鍵時刻，例如客戶搬家或登機時，我們將繼續取得進展。

There's real traction around that.

這方面有真正的吸引力。

This is good for customers.

這對客戶有好處。

And this is, I think, the right way to drive healthy and sustainable efficiencies.

我認為，這是推動健康和可持續效率的正確方法。

So our strength has been to maintain a good balance of healthy growth, driving share and revenue and backing it up with solid financial performance.

因此，我們的優勢在於保持健康增長、推動份額和收入之間的良好平衡，並以穩健的財務業績為後盾。

So on a personal note, as Brian mentioned, I'll miss working with Neil.

所以就個人而言，正如布賴恩所說，我會想念與尼爾一起工作的。

He's been a great partner, great boss.

他是一個偉大的伙伴，偉大的老闆。

However, I'm excited about this next chapter.

但是，我對下一章感到興奮。

And with a very good cable team, we're going to go after the opportunities in front of us.

有了一支非常優秀的有線電視團隊，我們將抓住擺在我們面前的機會。

Steve?

史蒂夫?

So we had a very good quarter in film in the first quarter.

所以我們在第一季度有一個非常好的電影季度。

But if you take film out of the equation, the rest of NBCUniversal grew over 13% during the quarter.

但如果不考慮電影，NBCUniversal 的其餘部分在本季度增長了 13% 以上。

And by the way, I think we're going to have a very good quarter, the second quarter, in film as well.

順便說一句，我認為我們將有一個非常好的季度，第二季度，電影也是如此。

But really, it's every part of the company hitting on all cylinders.

但實際上，公司的每個部分都在全力以赴。

If you look at affiliate fees, we did a bunch of big deals at the end of the year.

如果你看一下附屬費用，我們在年底做了很多大交易。

And you'll see in the numbers this quarter, affiliate fees were up, I think, 9%.

你會在本季度的數據中看到，我認為會員費用上漲了 9%。

And that's now built into our base, so that's -- that should continue to go throughout the rest of the year.

現在已經內置到我們的基礎中，所以這應該會在今年剩下的時間裡繼續存在。

In terms of ad sales, we're going to the upfront with the strongest hand we've ever had by a lot.

在廣告銷售方面，我們將用我們有史以來最強大的牌走上前線。

NBC's -- NBC prime time's relative advantage.

NBC的——NBC黃金時段的相對優勢。

In other words, we're in first place by more than we have ever been, I think, going all the way back to the early 2000s.

換句話說，我認為，我們的排名比以往任何時候都多，可以追溯到 2000 年代初。

And Telemundo has been neck and neck with Univision in prime time, which was unthinkable 5 years ago.

Telemundo 在黃金時段與 Univision 並駕齊驅，這在 5 年前是不可想像的。

MSNBC is beating CNN in prime most nights.

MSNBC 在大多數晚上的黃金時段都擊敗了 CNN。

And then, as you go into next year, we have the Super Bowl, the Winter Olympics and the World Cup on Telemundo.

然後，當您進入明年時，我們將在 Telemundo 舉辦超級碗、冬季奧運會和世界杯。

So we couldn't be going into the upfront with a stronger hand.

所以我們不能用更強的牌進入前期。

I think the advertising market is quite strong.

我認為廣告市場相當強勁。

We've already started discussions with big advertising buying groups, and I think we have a lot of momentum and a lot more to go.

我們已經開始與大型廣告購買團體進行討論，我認為我們有很大的動力，還有很多事情要做。

When we looked -- first looked at NBCUniversal when we bought it, we were making a little less than $3.5 billion.

當我們看——當我們第一次看 NBCUniversal 時，我們賺了不到 35 億美元。

I think this year, we're going to be somewhere in the 8s; $8.3 billion, $8.4 billion, $8.5 billion.

我認為今年，我們將進入 8 年代。 83 億美元、84 億美元、85 億美元。

So we've added about $5 billion worth of cash flow in the last 6 years.

因此，我們在過去 6 年中增加了價值約 50 億美元的現金流。

I think we can continue to find places to grow.

我認為我們可以繼續尋找成長的地方。

I don't know what inning we're in, but we're certainly not in the ending innings of above-market growth.

我不知道我們處於哪一局，但我們肯定不會處於高於市場增長的最後一局。

We still have a lot of opportunity areas, consumer products, Telemundo, a lot of different parts of this business that are yet to build out.

我們仍然有很多機會領域，消費品，Telemundo，該業務的許多不同部分尚未建立。

And we're excited to continue to do that in quarters ahead.

我們很高興能在未來幾個季度繼續這樣做。

And then finally, Jessica, it's Mike.

最後，傑西卡，是邁克。

On spectrum, we can't speak to the spectrum other than to confirm what we did, which I did earlier.

在頻譜上，除了確認我們所做的事情之外，我們無法與頻譜交談，我之前做過。

But I'll just say, we approached it the way we said we would before the auction started, and we're pleased with the outcome.

但我只想說，我們按照拍賣開始前所說的方式處理它，我們對結果感到滿意。

We'll leave it at that for today.

我們今天就講到這裡。

Your next question comes from the line of John Hodulik with UBS.

您的下一個問題來自瑞銀的 John Hodulik。

Maybe for Brian.

也許對於布賴恩。

You've been an observer of the wireless industry for decades now.

幾十年來，您一直是無線行業的觀察者。

And with the end of the anticollusion rules, can you give us a sense of sort of how you view the wireless industry today from a competitiveness or from a strategic standpoint?

隨著反串通規則的結束，您能否讓我們了解一下您從競爭力或戰略角度如何看待當今的無線行業？

And talk maybe about whether or not the secular changes we're seeing maybe in terms of usage and technology are -- is it -- are making it -- how important or critical is it becoming to your offering on the cable side?

並且可以談談我們在使用和技術方面看到的長期變化是否 - 是否 - 正在使 - 它對您在有線電視方面的產品變得多麼重要或關鍵？

Well, we've been talking about wireless for 20 years, and we sold our wireless company, which Dave ran, and that was how Dave came into Comcast Cable.

好吧，我們談論無線已有 20 年了，我們賣掉了 Dave 經營的無線公司，這就是 Dave 進入 Comcast Cable 的原因。

And I don't think we have any regrets with that decision.

我不認為我們對這個決定有任何遺憾。

And the question of where wireless is and where it's going, I think we've done a really good job of making sure the company now has that offering in our bundle.

關於無線在哪里以及它的去向的問題，我認為我們在確保公司現在在我們的捆綁包中提供該產品方面做得非常好。

It is for our bundled customers.

它適用於我們的捆綁客戶。

It is in our footprint.

它在我們的足跡中。

And it is going to be a fabulous value for those customers with the brand-new product that you would buy, a new cell phone, tablet.

對於那些擁有您將購買的全新產品、新手機、平板電腦的客戶來說，這將是一個驚人的價值。

It will have premiere coverage from both Verizon Wireless' network and our best Wi-Fi network.

它將通過 Verizon Wireless 的網絡和我們最好的 Wi-Fi 網絡進行首次覆蓋。

And it's going to intelligently allow you to be on Wi-Fi without having to log in.

它將智能地讓您無需登錄即可使用 Wi-Fi。

And anytime there's XFINITY Wi-Fi, it will automatically give you all your capabilities.

只要有 XFINITY Wi-Fi，它就會自動為您提供所有功能。

And coupled with that is as we were talking about, a great digital experience, where there's really just 2 options: all you do is look at -- you push the app, and you see how many gigabits you consume, and you pay $12 a gigabit.

再加上我們所說的，一個很棒的數字體驗，實際上只有兩個選擇：你所做的就是看看——你推送應用程序，你會看到你消耗了多少千兆比特，然後你支付 12 美元千兆。

And if you -- at any time you want to just click a button, push one button, and you're now in unlimited.

如果你——在任何時候你只想點擊一個按鈕，按下一個按鈕，你現在就無限制了。

And based on what package customer you are, it's either $45 or $65 for that unlimited option.

根據您的套餐客戶，該無限選項的價格為 45 美元或 65 美元。

And you can switch back if you're going out of the country, if you're not going to use your phone, push the button to go by the gate.

如果您要出國，您可以切換回來，如果您不打算使用手機，請按下按鈕通過大門。

You get 5 devices, and there's no line charge for any of those devices if you're one of our broadband customers.

您將獲得 5 台設備，如果您是我們的寬帶客戶之一，這些設備中的任何一台都無需支付線路費。

That's pretty great.

這真是太棒了。

And I think in our minds, that gives us what we need.

我認為在我們看來，這給了我們我們需要的東西。

And so we are always looking at where future technologies are going and things of that nature.

因此，我們一直在關注未來技術的發展方向以及這種性質的事物。

But right now, I think we look at our results today, compare them to anything that we've seen and take Jessica's comment a moment ago.

但現在，我想我們今天看看我們的結果，將它們與我們所看到的任何東西進行比較，並接受 Jessica 剛才的評論。

I couldn't be more pleased with this -- the portfolio of our company and the trajectory we're on.

我對此感到非常滿意——我們公司的投資組合和我們的發展軌跡。

And leave it at that and say we're really pleased with the team's effort.

就這樣吧，說我們對團隊的努力感到非常滿意。

Your next question comes from the line of Phil Cusick with JP Morgan.

您的下一個問題來自摩根大通的 Phil Cusick。

Two quick ones, if I can.

兩個快的，如果可以的話。

Cable margins were up year-over-year, and the low nonprogramming expenses were particularly heartening.

有線電視的利潤率同比上升，低的非編程費用尤其令人振奮。

Is this a good run rate for those nonprogramming expenses?

對於那些非編程費用來說，這是一個很好的運行率嗎？

Or could the rate improve further from hereon, on Mike's cost initiatives?

或者，根據邁克的成本計劃，費率是否會進一步提高？

And second, quickly on home security.

其次，快速進行家庭安全。

I guess 1 million or so is the magic number.

我猜一百萬左右是個神奇的數字。

Can you add some more detail on this in terms of residential versus business mix and some level of revenue per user?

您能否就住宅與商業組合以及每位用戶的某種收入水平添加更多細節？

And is this still in the other revenue line of cable?

這仍然是有線電視的另一條收入線嗎？

Or is it mixed into business services as well?

或者它是否也混入了商業服務？

So it's Mike.

所以是邁克。

Just on cable margins, whereas we gave guidance for the year that we'd be flat to down 50 basis points for the year, with programming costs continuing to be high this year and that we did expect to drive improvement in the rates on nonprogramming expenses, so had a very good first quarter.

僅就有線電視利潤率而言，而我們給出的指導是今年我們將持平至下降 50 個基點，今年節目成本繼續居高不下，我們確實預計會推動非節目費用率的提高，所以第一季度表現非常好。

But as far as going down the road on changing any guidance, we're not doing that.

但就改變任何指導方針而言，我們並沒有這樣做。

That said, I'll hand it over to Dave to give some qualitative stuff of what he's doing because it -- all that will really continue.

就是說，我會把它交給戴夫，讓他給出一些關於他正在做的事情的定性資料，因為這一切都會繼續下去。

Well, we expect the rate of growth for nonprogramming expenses to trend lower in 2017 compared to 2016.

好吧，我們預計 2017 年非編程費用的增長率將低於 2016 年。

And this is a -- as we continue to focus on the benefit from the customer experience initiatives that Brian outlined, I talked about.

這是一個 - 當我們繼續關注布萊恩概述的客戶體驗計劃的好處時，我談到了。

And we will continue to have really focused cost management.

我們將繼續真正專注於成本管理。

So there's big opportunities.

所以有很大的機會。

While we're not changing anything in regards to the margin and where things are going, what we're focusing on is continuing to take transactions out by just doing a better job of handling repeats and all the digital capabilities.

雖然我們沒有改變任何關於利潤和事情進展的事情，但我們關注的是繼續通過更好地處理重複和所有數字功能來消除交易。

And we're seeing it really take hold.

我們看到它真正佔據了上風。

So I think there's upside in regards to these operational efficiencies.

所以我認為這些運營效率是有好處的。

Not only this will be online, this will be through apps.

這不僅會在線，還會通過應用程序。

And actually, right through X1 itself, you'll be able to resolve issues.

實際上，通過 X1 本身，您將能夠解決問題。

So the voice remote will connect you to content.

因此，語音遙控器會將您連接到內容。

The voice remote will also be a service option.

語音遙控器也將是一種服務選項。

So we're excited about this.

所以我們對此感到興奮。

This is going to be a big focus in regards to efficiencies.

這將是效率方面的一個重點。

But no changes, obviously, as Mike said, to margin guidance.

但正如邁克所說，顯然沒有改變保證金指導。

Home security, the second part, excited about home security.

家庭安全，第二部分，對家庭安全感到興奮。

This is another good opportunity we talked about and another option for us in terms of packaging.

這是我們談到的另一個好機會，也是我們在包裝方面的另一個選擇。

It's adjusting our footprint alone.

它正在單獨調整我們的足跡。

It's a $9 billion opportunity.

這是一個 90 億美元的機會。

And so we added 66,000 for the quarter and just about 1 million customers at this point.

因此，我們在本季度增加了 66,000 個客戶，此時只有大約 100 萬客戶。

So the benefits for home security continue to be in packaging.

因此，家庭安全的好處繼續存在於包裝中。

We have over 90% of our customers -- home security customers are subscribing to 3- or 4-product bundles, and half of these customers are brand-new to us.

我們有超過 90% 的客戶——家庭安全客戶正在訂閱 3 或 4 種產品捆綁包，其中一半客戶對我們來說是全新的。

So it opens up -- as I expect mobile to, has been proven with the XFINITY home, it helps consideration.

所以它打開了——正如我所期望的那樣，已經在 XFINITY 家庭中得到證明，它有助於考慮。

So we're bringing new people in to think about overall our packaging.

因此，我們正在引入新人來考慮我們的整體包裝。

So we're pleased with it.

所以我們對此很滿意。

We're not giving any financials as to specifics of home security, but it's a healthy contributor to our efforts.

我們沒有提供任何有關家庭安全細節的財務信息，但它是我們努力的健康貢獻者。

Your next question comes from the line of Marci Ryvicker with Wells Fargo.

您的下一個問題來自富國銀行的 Marci Ryvicker。

A couple questions for Steve.

有幾個問題要問史蒂夫。

Can you just talk about advertising at the stations versus the networks?

你能談談在車站和網絡上的廣告嗎？

We just got back from at NAB, and I think the ad environment is a lot more tempered both from a short-term and a long-term basis.

我們剛從 NAB 回來，我認為廣告環境無論從短期還是長期來看都更加溫和。

So just curious on your thoughts there.

所以只是好奇你的想法。

And also, any thoughts on the potential impact of a writer strike?

還有，對作家罷工的潛在影響有什麼想法嗎？

I know you had positive comments on the upfront, but just thinking about that.

我知道你對前期有積極的評價，但只是想一想。

And then secondly, I guess, for Dave, the press keeps reporting that Comcast has an alleged desire to go outside your footprint.

其次，我想，對於戴夫來說，媒體一直在報導康卡斯特據稱希望走出你的足跡。

Can you talk about why this strategy might or might not make sense?

你能談談為什麼這個策略可能有意義或可能沒有意義嗎？

So let me start with the writer strike.

所以讓我從作家罷工開始。

I think in the majority of cases, things get resolved.

我認為在大多數情況下，事情都會得到解決。

And I'm optimistic and hopeful that the writer strike will get resolved.

我很樂觀並希望作家罷工能得到解決。

Strikes aren't good for anybody.

罷工對任何人都沒有好處。

Strikes aren't good for the people on both sides of the table tend to lose, and I'm hopeful that we're going to get it done.

罷工對桌子兩邊的人都不利，往往會失敗，我希望我們能完成它。

And we're coming down to the deadline.

我們快到最後期限了。

In terms of local advertising, I think the national and local markets are quite different and quite -- and exhibit different characteristics.

就本地廣告而言，我認為全國市場和本地市場是完全不同的——並且表現出不同的特點。

I do think there's more weakness in local.

我確實認為本地有更多的弱點。

I think national is quite strong, but I think local has pockets of weakness.

我認為國家隊很強，但我認為地方隊也有一些弱點。

We're in a unique position because we have gained so much share at the NBC stations, and the Telemundo stations are growing so quickly in terms of ratings that we're not as affected.

我們處於一個獨特的位置，因為我們在 NBC 電台獲得瞭如此多的份額，而 Telemundo 電台的收視率增長如此之快，以至於我們沒有受到影響。

We've grown EBITDA very substantially in the owned stations over the last few years.

在過去的幾年裡，我們在自有車站的 EBITDA 大幅增長。

So we're feeling good about the local station market.

所以我們對當地的車站市場感覺很好。

Our retransmission consent numbers are growing very, very dramatically.

我們的轉發同意數量正在非常非常顯著地增長。

And our ad sales are just fine.

而且我們的廣告銷售還不錯。

But I do think it's a fair comment that the local advertising market is weaker than the national one.

但我確實認為本地廣告市場弱於全國廣告市場是一個公平的評論。

I think the second part in regards to out-of-footprint opportunities, Marci, is that there are kind of 2 things: One, we think we have a lot of opportunity just in our footprint.

Marci，我認為第二部分關於足蹟之外的機會是有兩件事：第一，我們認為我們在我們的足跡中有很多機會。

It's big upside.

這是很大的上升空間。

We continue to believe in what we're doing.

我們繼續相信我們正在做的事情。

So that's the first thing.

所以這是第一件事。

The second thing, just haven't found the business model that works outside.

第二件事，只是還沒有找到在外面行得通的商業模式。

We'll keep evaluating, keep looking at it.

我們將繼續評估，繼續關注。

But our success within our footprint is packaging, bundling.

但我們在我們的足跡內的成功在於包裝、捆綁。

So we'll continue to drive that internally within our footprint.

因此，我們將繼續在我們的足跡內部推動這一點。

Your next question comes from the line of Craig Moffett with MoffettNathanson.

您的下一個問題來自 Craig Moffett 和 MoffettNathanson。

First, let me add my congratulations to your new role, Dave.

首先，讓我祝賀你的新角色，戴夫。

That's terrific news.

這是一個了不起的消息。

So I guess since we've started beating the thinly disguised M&A questions to death, I'm going to turn to something else.

因此，我想既然我們已經開始將幾乎偽裝的併購問題打死，我將轉向其他事情。

There's so much expectation about 5G wireless as a competitor in your footprint.

您對 5G 無線作為您足跡中的競爭對手寄予厚望。

I wonder if you could just talk about what your own internal strategic analysis of 5G as a competitor has told you about that.

我想知道您是否可以談談您自己作為競爭對手對 5G 的內部戰略分析告訴您的內容。

And then, Dave, if I could ask a somewhat technical question about your new wireless service.

然後，戴夫，如果我能問一個關於你的新無線服務的技術性問題。

Can you talk about when you expect to have -- or if you expect to have hot handoffs between the Wi-Fi network and the wireless network?

您能否談談您希望何時進行 - 或者您是否希望在 Wi-Fi 網絡和無線網絡之間進行熱切換？

And is that permissible under the Verizon agreement?

Verizon 協議允許這樣做嗎？

Well, first off, thank you, Craig.

好吧，首先，謝謝你，克雷格。

And I appreciate that.

我很感激。

Let me start with 5G and get to the Wi-Fi question.

讓我從 5G 開始，然後談談 Wi-Fi 問題。

First, the main thing with 5G, reminding everybody, I think folks know, it is early.

首先，5G的主要內容，提醒大家，我想大家都知道，現在還早。

I've been through it before back in the day in wireless.

我以前在無線的日子裡經歷過。

They're promising.

他們很有希望。

Really promising aspects of new technologies, but it takes time to scale.

新技術的真正有希望的方面，但需要時間來擴展。

So while there may be early-stage applications of something like 5G, we compete today with microwave applications, the MDUs in dense urban areas.

因此，雖然可能會有 5G 之類的早期應用，但我們今天與微波應用（密集城市地區的 MDU）競爭。

So again, while there's promise, we're going to stay close to it.

再說一次，雖然有承諾，但我們會堅持下去。

We're testing both fixed mobile -- fixed and mobile aspects of it.

我們正在測試固定移動——它的固定和移動方面。

And I think the main question for 5G, at least for us, with this higher frequency range, can it be used to broadly, reliably and economically deliver fixed wireless broadband?

我認為 5G 的主要問題，至少對我們來說，在這個更高的頻率範圍內，它能否用於廣泛、可靠和經濟地提供固定無線寬帶？

So while we're -- we're going to stay right next to it.

所以當我們 - 我們將留在它旁邊。

And I think we're in the same testing curve as everybody else.

而且我認為我們與其他人處於相同的測試曲線中。

I don't believe, at this stage, at all that it's a significant threat in regards to the wireless fixed broadband side.

在這個階段，我根本不相信它對無線固定寬帶方面構成重大威脅。

But in the meantime, on that front, we're not standing still.

但與此同時，在這方面，我們並沒有停滯不前。

We're going after DOCSIS 3.1.

我們將追求 DOCSIS 3.1。

We're rolling it out to -- we'll have 65% of that deployed by the end of the year.

我們正在推廣它——到今年年底，我們將部署其中的 65%。

We're working on great devices, the best wireless gateway that we have that will deliver 1 gig capability.

我們正在開發出色的設備，這是我們擁有的能夠提供 1 gig 能力的最佳無線網關。

So this will continue to improve our competitive position as this evolves, and we'll stay close to it.

因此，隨著這種情況的發展，這將繼續提高我們的競爭地位，我們將保持密切聯繫。

As to the question on the wireless side and the technical side, no new news in terms of the time frame.

至於無線方面和技術方面的問題，時間框架方面沒有新消息。

I would say we are working on the Wi-Fi capability.

我想說我們正在開發 Wi-Fi 功能。

As Brian mentioned, we got a good first step in terms of the auto connection, just taking some of the pain points out of the interaction between 4G and Wi-Fi, simplifying that process.

正如 Brian 所說，我們在自動連接方面邁出了良好的第一步，只是消除了 4G 和 Wi-Fi 之間交互的一些痛點，簡化了這個過程。

The next step that we're on is -- that's one of them, but no time frame to deliver that seamless handoff.

我們正在進行的下一步是 - 這是其中之一，但沒有時間框架來提供無縫切換。

Your next question comes from the line of Ben Swinburne with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ben Swinburne。

A question on cable and the Wi-Fi front and then one for Steve on NBC.

一個關於電纜和 Wi-Fi 前端的問題，然後是 NBC 上的史蒂夫的一個問題。

For Dave or Brian, either one of you.

對於戴夫或布賴恩，你們中的任何一個。

I'm curious, how do you think we should be thinking about xFi and what that might mean for your business?

我很好奇，您認為我們應該如何考慮 xFi 以及這對您的業務可能意味著什麼？

I guess what I'm trying to get a sense of is, what does it mean to make Wi-Fi great for the consumer?

我想我想了解的是，讓 Wi-Fi 對消費者來說更好意味著什麼？

How important is this to your mobility efforts?

這對您的出行工作有多重要？

And how do you think about selling this?

你怎麼看待賣這個？

Is this something you're going to be pushing into the base?

這是你要推進基地的東西嗎？

I believe you've been sort of upgrading gateways and routers for years now and so probably have relatively new equipment in the field.

我相信您多年來一直在升級網關和路由器，因此可能在該領域擁有相對較新的設備。

But how are you thinking about the cost and benefits of this?

但是您如何考慮這樣做的成本和收益？

And then for Steve, when you guys did the NBC deal, the Cable Networks were the high-growth asset.

然後對史蒂夫來說，當你們做 NBC 交易時，有線電視網絡是高增長的資產。

Everything else was sort of we'll see what happens.

其他一切都差不多，我們會看看會發生什麼。

And today, the world sort of turned around.

而今天，世界發生了翻天覆地的變化。

People are most excited about the noncable network businesses and concerned about Cable Networks.

人們對非有線網絡業務最為興奮，而對有線網絡最為關注。

You've pared some of your networks back.

您已經削減了一些網絡。

There's a lot happening with the bundle out there, but you put up some pretty nice affiliate revenue growth this quarter, which sounds like it'll continue.

捆綁包發生了很多事情，但是您在本季度提出了一些相當不錯的附屬收入增長，聽起來它會繼續下去。

Can you give us a little bit of a state of the state for that business as you think about the growth opportunity ahead of the Cable Networks segment, which is an area, certainly, people are more nervous about?

當您考慮有線網絡細分市場之前的增長機會時，您能否向我們介紹一下該業務的狀態，當然，這是一個人們更緊張的領域？

Okay, Ben.

好的，本。

Got a lot in there, so we'll see if we can cover all that.

裡面有很多，所以我們會看看我們是否能涵蓋所有這些。

We'll take a shot.

我們會試一試。

Let me just kick off on the xFi, which is we're going to talk about a little bit down the road.

讓我從 xFi 開始，我們將在以後討論一下。

So let me leave a little bit as we put it out there.

所以讓我在我們把它放在那裡的時候留下一點。

But as a strategy matter, a couple relevant things.

但作為一個戰略問題，一些相關的事情。

First of all, as I don't have to remind you, we have more broadband customers than we do video.

首先，不用我提醒你，我們的寬帶用戶比視頻用戶還多。

And the rate of that growth is pretty exciting in broadband.

寬帶的增長速度非常令人興奮。

So as we've built and I think completely remade Comcast in the last decade into an innovation in technology thinking and new products company, our teams looked at the broadband space and said, "Well, right now, it's really just speed is the main differentiator." But our usage of broadband in the home, whether it's your home printer, your tablets, smart devices, home security, is just exploding with the amount of things that if you project out 2, 5, 10 years, you're going to see more and more use of broadband in the home.

因此，隨著我們在過去十年中將康卡斯特完全重塑為一家技術思維和新產品創新公司，我們的團隊看著寬帶領域並說：“嗯，現在，真的只是速度是主要的微分器。”但是我們在家庭中對寬帶的使用，無論是您的家庭打印機、平板電腦、智能設備還是家庭安全，如果您預測 2 年、5 年、10 年，您將看到的東西數量正在爆炸式增長越來越多的家庭使用寬帶。

That's the bet we're making.

這就是我們正在做的賭注。

I think it's a fairly safe bet.

我認為這是一個相當安全的賭注。

So how do we bring the same innovation mentality that we did to video the last decade with the incredible X1 and then the voice remote and the content and the rights management all working seamlessly for the consumer?

那麼，我們如何帶來與過去十年一樣的創新心態，用令人難以置信的 X1 製作視頻，然後語音遙控器、內容和版權管理都為消費者無縫工作？

And that's the trajectory that I think the team is on.

這就是我認為球隊正在走的軌跡。

We're going to deliver to our broadband customers levels of options of services, levels of speed and services, but also a mindset of innovation -- constant innovation.

我們將向我們的寬帶客戶提供不同級別的服務選擇、速度和服務級別，以及創新的心態——不斷創新。

And some of the things -- and Dave, you can go into specifics so we can hold that.

還有一些事情——還有戴夫，你可以詳細說明一下，這樣我們就可以堅持下去。

But I think it's demonstrating to us that we have a leadership, and we're going to use that leadership opportunity to innovate.

但我認為這向我們展示了我們擁有領導力，我們將利用這種領導力機會進行創新。

Well, let me offer just a couple things.

好吧，讓我提供一些東西。

We are excited about xFi.

我們對 xFi 感到興奮。

It will be rolled out later, so more to come.

它將在稍後推出，所以會有更多。

But our goal is to do to broadband what we did with video and X1, to create a much better experience with Wi-Fi.

但我們的目標是像我們在視頻和 X1 上所做的那樣，在寬帶上做，用 Wi-Fi 創造更好的體驗。

Our strategy has been to focus in the home with providing great Wi-Fi because a great high-speed Internet is not just a connected experience.

我們的策略是專注於家庭，提供出色的 Wi-Fi，因為出色的高速互聯網不僅僅是一種連接體驗。

It's Wi-Fi spread throughout the house.

它的 Wi-Fi 遍布整個房子。

So xFi is simply 3 things: it's great speed; it's great coverage; and then this next-generation cloud capability control that lets you define the user experience throughout the household.

所以 xFi 只是 3 件事：速度快；覆蓋面廣；然後是這種下一代云功能控制，可讓您定義整個家庭的用戶體驗。

So again, more to come on that.

所以再一次，更多的來了。

But it's a -- I think it's a premium position for us and evidence that we're going to keep growing the broadband category not just on speed, but coverage is awfully important.

但這是一個 - 我認為這對我們來說是一個優勢地位，並且證明我們將繼續發展寬帶類別，不僅僅是速度，而且覆蓋範圍也非常重要。

So we'll control over time.

所以我們會控制時間。

So more to come.

所以還有更多。

Just to be clear, it doesn't require everybody to go get a new device.

需要明確的是，它並不要求每個人都去購買新設備。

It's not a -- there may be some opportunities for customers to want to upgrade to different things, but it's -- as we launched XFINITY, more than X1, it was when we reached a certain level, you got a certain service, you were no longer in the past, you were in the future.

這不是——客戶可能有一些機會想要升級到不同的東西，而是——當我們推出 XFINITY 時，不僅僅是 X1，當我們達到一定水平時，你得到了某種服務，你是不再是過去，你是未來。

I think that's the mindset as we're thinking about it.

我認為這就是我們正在考慮的心態。

That's a great point.

這是一個很好的觀點。

We'll have approximately 10 million customers can immediately benefit from this, so in terms of the devices.

我們將有大約 1000 萬客戶可以立即從中受益，因此就設備而言。

So there'll be new devices, existing devices.

所以會有新設備，現有設備。

So we're in pretty good shape to go after a large chunk of our customers.

因此，我們的狀態非常好，可以吸引大量客戶。

On Cable Networks, which grew, I think, 17% in terms of revenue this quarter, I think that's going to be a high watermark.

在有線電視網絡上，我認為本季度收入增長了 17%，我認為這將是一個高水位線。

I don't think we're going to replicate that many quarters in the future.

我不認為我們會在未來複製那麼多季度。

I think this is still a good business.

我認為這仍然是一門好生意。

It's a very profitable business, and it's a business we should be able to grow.

這是一項非常有利可圖的業務，也是我們應該能夠發展的業務。

I don't think we're going to grow it more than, call it, low to mid-single-digit growth rate.

我認為我們的增長不會超過，稱之為低到中個位數的增長率。

But you've basically got a bunch of different ways that you make money.

但是你基本上有很多不同的賺錢方式。

You've got affiliate fees, which, in this quarter, went up 9%.

你有附屬費用，在本季度，增加了 9%。

That won't always be the case.

情況並非總是如此。

But affiliate fees should go up.

但是會員費用應該會上漲。

You've got ad sales, which is a function of ratings and CPM.

你有廣告銷售，這是收視率和每千次展示費用的函數。

And to a degree, they cancel each other out, but I think it's quite possible that we will have quarters where ad sales go backwards.

在某種程度上，它們相互抵消，但我認為我們很可能會有廣告銷售倒退的季度。

But if affiliate fees go up and ad sales go backwards, you can still have revenue growth.

但是，如果會員費用上漲而廣告銷售倒退，您仍然可以實現收入增長。

And then the other way you obviously make revenue is by content distribution deals with people like Netflix and Hulu and Amazon.

顯然，另一種賺取收入的方式是通過與 Netflix、Hulu 和亞馬遜等人的內容分發交易。

And we had a good deal in this quarter, which increased that.

我們在本季度達成了一筆不錯的交易，這增加了這一點。

And then you can also make money on digital and other new technologies.

然後你還可以通過數字技術和其他新技術賺錢。

Over-the-top, I think, is going to be moderately beneficial to these businesses.

我認為，過度交易將對這些企業產生適度的好處。

We're not counting on over-the-top being a huge impact, but I think it'll be moderately beneficial.

我們並不指望過度影響會產生巨大的影響，但我認為這將是適度有益的。

And it's going to be a grind to your business than it was, but it's a lot of cash.

而且這對您的業務來說將比以前更加困難，但這是很多現金。

And I think our job is to continue to grow the legacy businesses and the businesses that are very profitable but have a lower growth rate while, at the same time, investing in things like Theme Parks, consumer products, Telemundo, digital, et cetera, that have higher growth rates and hopefully, blend it to something that is attractive to investors.

我認為我們的工作是繼續發展傳統業務和利潤豐厚但增長率較低的業務，同時投資於主題公園、消費品、Telemundo、數字等領域，具有更高的增長率，並希望將其融合到對投資者有吸引力的東西中。

Your next question comes from the line of Frank Louthan with Raymond James.

您的下一個問題來自 Frank Louthan 和 Raymond James 的台詞。

Great.

偉大的。

I just want to talk about business services quickly.

我只想快速談談商業服務。

What sort of investments can we expect you to make in terms of sales and engineering as you see that grow?

隨著您看到增長，我們可以期望您在銷售和工程方面進行什麼樣的投資？

And then if you can comment also on network investment with regards to the Chairman's commentary about the open Internet order.

那麼，關於主席關於開放互聯網秩序的評論，您是否也可以評論網絡投資。

If that kind of goes as described, what sort of -- can you quantify any sort of investment opportunity you might see that, that would open up?

如果這種情況如所描述的那樣，你能量化你可能看到的任何類型的投資機會，那會開放嗎？

Let me take business services, Frank.

讓我接受商務服務，弗蘭克。

So one of the things that -- right from the beginning to look at, we're still -- there's a lot of opportunity and upside around growth.

所以其中一件事——從一開始看，我們仍然——有很多機會和增長的好處。

And you look at the 3 basic categories that we have: SMB, we're at 40% penetration; midmarket, 10% penetration; enterprise, less than 5%.

你看看我們擁有的 3 個基本類別： SMB，我們的滲透率為 40%；中端市場，10% 的滲透率；企業，不到5%。

So I think extensions -- plan extensions and -- success base, but opportunistically looking at a couple of proactive ones where they make sense and get a good return.

所以我認為擴展 - 計劃擴展和 - 成功基礎，但機會主義地考慮一些積極主動的，它們有意義並獲得良好回報。

We'll continue to evaluate those, and we think those are good, sound areas to keep investing.

我們將繼續評估這些，我們認為這些是可以繼續投資的良好、穩健的領域。

We like our rate of growth.

我們喜歡我們的增長率。

Bill Stemper and his team are doing a fabulous job.

Bill Stemper 和他的團隊做得非常出色。

So it's an area that we continue to have sustainable, good revenue growth, but we'll invest to keep that going.

因此，這是一個我們將繼續保持可持續、良好的收入增長的領域，但我們將進行投資以保持這一勢頭。

I think on your regulatory question, we're encouraged that the FCC made the announcement yesterday and is beginning a process to revisit whether Title II is really the right regime.

我認為關於您的監管問題，我們感到鼓舞的是，聯邦通信委員會昨天宣布了這一消息，並開始重新審視 Title II 是否真的是正確的製度。

We've said for a long time that we think it's -- it puts a damper on ability to invest and react to change.

我們已經說過很長時間了，我們認為它會阻礙投資和對變化做出反應的能力。

And we steward a lot of capital every year.

我們每年都會管理大量資金。

And so having the right kind of consumer protections and net neutrality, which we've said we support and want, but not in a regulatory regime designed for a different era that doesn't apply to the business.

因此，擁有正確的消費者保護和網絡中立性，我們已經說過我們支持和希望，但不是在為不適用於業務的不同時代設計的監管制度中。

And so the beginning of that conversation is heartening, and I think it will allow for, hopefully, an end result that balances the need for consumers and our commitment legally enforceable for those consumers to know that they can surf an open and free Internet, but not do so in a way that has real dark clouds for our investment community.

因此，對話的開始是令人振奮的，我認為它有望實現最終結果，平衡消費者的需求和我們在法律上可執行的承諾，讓這些消費者知道他們可以瀏覽開放和免費的互聯網，但是這樣做的方式不會給我們的投資界帶來真正的烏雲。

Your next question comes from the line of Vijay Jayant with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Vijay Jayant。

Two questions.

兩個問題。

First one, David, the virtual MVPD market seems to be scaling.

第一個，大衛，虛擬 MVPD 市場似乎正在擴大。

Can you just talk about what impacts Comcast is broadly seeing?

你能談談康卡斯特廣泛看到的影響嗎？

We've seen some your competitors.

我們已經看到了您的一些競爭對手。

Not sure about the type of trends.

不確定趨勢的類型。

And obviously, you talked about an IP-only product.

顯然，您談到了僅 IP 產品。

Possibly, [and maybe the press] had talked about it.

可能，[也許媒體]已經談論過它。

Can you talk about what market segment is that really going to target?

您能談談真正要瞄準的細分市場嗎？

And then for Mike.

然後是邁克。

Obviously, there's been talk about tax reform.

顯然，有人談論稅收改革。

Maybe a little early on a view there, but if that does happen, how do you sort of look at capital allocation from return of capital and investment more broadly?

那裡的觀點可能有點早，但如果確實發生了，您如何更廣泛地從資本回報和投資中看待資本配置？

Well, let me start on the competitive landscape.

好吧，讓我從競爭格局開始。

So there's no question that video, high-speed, both are competitive, but it has been competitive.

所以毫無疑問，視頻、高速，兩者都具有競爭力，但它一直具有競爭力。

I'd start with -- maybe the most important thing I'd say is we added 42,000 video customers in the quarter.

我首先要說的是——也許我要說的最重要的事情是我們在本季度增加了 42,000 名視頻客戶。

And so there's a lot to that in terms of what we're doing.

因此，就我們正在做的事情而言，這有很多。

It's not -- the good news, there's not one thing that puts us in that position.

這不是——好消息是，沒有一件事讓我們處於那種境地。

I'd start with a fantastic X1 platform, how we go to market through segmentation and packaging that makes sense for customers.

我會從一個很棒的 X1 平台開始，我們如何通過對客戶有意義的細分和包裝進入市場。

And I would say, we're in the early innings of operational improvements and how we deliver good bundles, good packaging that helps us compete.

我想說，我們正處於運營改進的早期階段，以及我們如何提供好的捆綁包、好的包裝來幫助我們競爭。

So one of the main things that we look at is constant churn improvement and making sure that we're -- as we have success, which I think we're holding our own on attracting new customers, but we also want to hold on to folks longer.

因此，我們關注的主要問題之一是不斷改善客戶流失率並確保我們 - 因為我們已經取得成功，我認為我們在吸引新客戶方面保持著自己的優勢，但我們也希望堅持下去伙計們更長。

So I think that this -- our product position is strong and how we compete against folks when -- but we've been going up against discounted video offerings for some time.

所以我認為這 - 我們的產品地位很強大，以及我們如何與人們競爭 - 但一段時間以來我們一直在對抗打折的視頻產品。

And so we look at the new entrants as a broad category, and we won't necessarily chase everything.

因此，我們將新進入者視為一個廣泛的類別，我們不一定會追逐一切。

We stick with our guns.

我們堅持我們的槍。

Our guns are developing and providing great products and good, healthy packaging.

我們的槍支正在開發和提供優質的產品和良好、健康的包裝。

And taking broadband video, whether it's now home security, phones and/or mobile, I think that will help us compete.

使用寬帶視頻，無論是現在的家庭安全、電話和/或移動設備，我認為這將有助於我們競爭。

So to the extent that we go and leverage any other form of lower-priced tiers, we do that in an extremely targeted and segmented way.

因此，就我們去利用任何其他形式的低價層而言，我們以極具針對性和細分的方式做到這一點。

And we think that, that is a -- that helps us compete.

我們認為，這有助於我們競爭。

So I like our position and like our momentum.

所以我喜歡我們的位置，也喜歡我們的勢頭。

We had, again, good quarter.

我們有，再次，良好的季度。

We feel good about the video momentum even with the increased competitive climate.

即使競爭環境加劇，我們也對視頻的發展勢頭感到滿意。

And, Vijay, on capital returns.

還有，維杰，關於資本回報。

So the company's got a great track record of being very thoughtful about how we balance our needs to invest in the business and return capital to shareholders.

因此，該公司在我們如何平衡投資業務和向股東返還資本的需求方面非常周到。

So we maintain a strong capital structure, as you know, and we think that's strategically important.

因此，如您所知，我們保持強大的資本結構，我們認為這在戰略上很重要。

We like the idea of consistently increasing the return of capital to shareholders, but making sure that we keep the ability to allocate strategic capital to take advantage of opportunities when they arise.

我們喜歡持續增加對股東的資本回報的想法，但要確保我們保持分配戰略資本的能力，以便在機會出現時利用它們。

So it's way too early on tax reform to say anything other than we seemingly are positioned well to be a beneficiary of the various ways in which it might shake out.

因此，除了我們似乎處於有利地位成為可能擺脫它的各種方式的受益者之外，現在就稅收改革說任何其他事情還為時過早。

And once we have some final details, we'll take all that into consideration through the lens that we've always talked about balancing capital priorities.

一旦我們有了一些最終細節，我們將通過我們一直談論平衡資本優先級的鏡頭來考慮所有這些。

Your next question will come from line of Jonathan Chaplin with New Street Research.

您的下一個問題將來自 New Street Research 的 Jonathan Chaplin。

So the trends in other costs in the cable segment are really encouraging.

因此，有線電視領域其他成本的趨勢確實令人鼓舞。

And I'm wondering, as we look ahead to next year, with programming costs reverting to more normal trends of growth, if you can maintain the slower growth in other costs, it seems like we could see real meaningful margin expansion for the first time in a few years after sort of years of investment in the business.

而且我想知道，當我們展望明年時，隨著編程成本恢復到更正常的增長趨勢，如果你能保持其他成本的緩慢增長，我們似乎可以第一次看到真正有意義的利潤率增長在幾年後對業務進行了幾年的投資。

It looks like you could do at least sort of 100 to 150 basis points of margin expansion in the cable segment.

看起來你至少可以在有線電視領域進行 100 到 150 個基點的利潤率擴張。

And I'm not expecting you guys to give guidance at this point for next year, but I'm just wondering if we're thinking about the trends in the business in the right way.

而且我不希望你們在明年的這一點上提供指導，但我只是想知道我們是否以正確的方式考慮業務趨勢。

Well, Jon, it's Mike.

好吧，喬恩，是邁克。

Thanks for the question.

謝謝你的問題。

I mean, Dave covered earlier all of the things that are ongoing in the business in terms of attacking nonprogramming expenses, and we've commented previously on where programming goes.

我的意思是，Dave 早些時候涵蓋了業務中所有正在進行的關於攻擊非編程費用的事情，我們之前已經評論過編程的發展方向。

So the answer, as I said earlier, is we're not going to go beyond the guidance we already gave of margins for this year, but we'll keep working on optimizing the business for the long term.

因此，正如我之前所說，答案是我們不會超出我們已經給出的今年利潤率的指導，但我們將繼續致力於長期優化業務。

And we'll be back to you early next year with our thoughts.

我們將在明年初回复您的想法。

Our final question comes from the line of Anthony DiClemente with Nomura Instinet.

我們的最後一個問題來自野村 Instinet 的 Anthony DiClemente。

My question is for Steve really on the theme of the value of sports rights.

我的問題是關於體育權利價值的主題。

So since the last earnings call, we saw Amazon pay $50 million for the Thursday Night Football NFL rights, putting that behind a pay wall.

因此，自上次財報電話會議以來，我們看到亞馬遜為周四晚上橄欖球 NFL 的版權支付了 5000 萬美元，將其置於付費牆後面。

NBC Sports obviously shares the linear deal with CBS.

NBC Sports 顯然與 CBS 共享線性協議。

How do you, Steve, think about that agreement now as it comes up for renewal?

史蒂夫，您現在如何看待該協議，因為它即將更新？

And just on sports more broadly, how do you think about valuing the linear side of sports rights in an environment where those rights could become more bifurcated?

就更廣泛的體育運動而言，您如何看待在體育權利可能變得更加分叉的環境中評估體育權利的線性方面？

You have linear on the one side, and then you have the Internet players bidding up the value of the streaming rights on the other side.

一方面是線性的，另一方面是互聯網玩家競標流媒體版權的價值。

Love to hear your updated thoughts there.

喜歡在那裡聽到你的最新想法。

Well, I think it's early on.

嗯，我覺得還早。

I mean, if you look at the ratings for Sunday Night Football or Thursday Night Football when Twitter had the deal or the Olympics when we do our streaming, streaming is typically very low single-digit percentage of the total.

我的意思是，如果您查看 Twitter 達成交易時的周日晚上足球或週四晚上足球的收視率，或者當我們進行流媒體時查看奧運會的收視率，流媒體通常佔總數的個位數百分比非常低。

And then in many of these deals, and this is the case with the Twitter deal and the Amazon deal, the same ads that are on linear are also in the digital feeds.

然後在許多此類交易中，Twitter 交易和亞馬遜交易就是這種情況，線性廣告也出現在數字源中。

So from an aggregating an audience point of view, it really has been a very minimal impact, and the impact is combined.

所以從聚合觀眾的角度來看，它確實是一個非常小的影響，並且影響是綜合的。

I think more broadly, we feel very good about our sports deals.

我認為更廣泛地說，我們對我們的體育交易感覺非常好。

We have an Olympics deal that goes out until 2032, and we have a long-term NFL deal.

我們有一份到 2032 年的奧運會合同，我們還有一份長期的 NFL 合同。

And these are deals that really make their money on advertising.

這些都是真正通過廣告賺錢的交易。

The bulk of the money that we make on the Olympics is because we're advertising on prime time.

我們在奧運會上賺的大部分錢是因為我們在黃金時段做廣告。

They're not affiliate fee-related.

它們與會員費用無關。

They're not related to the number of subs that are in the MVPD universe.

它們與 MVPD 世界中的潛艇數量無關。

These are deals that basically wash their face very nicely based on advertising, and they're long term.

這些交易基本上可以根據廣告很好地洗臉，而且是長期的。

And so we like the sports business a lot.

所以我們非常喜歡體育事業。

We think a company like ours should be in the sports business.

我們認為像我們這樣的公司應該從事體育業務。

The Olympics are part of the DNA of NBCUniversal, and it's a good business, in our opinion, going forward for many, many years.

奧運會是 NBCUniversal 的 DNA 的一部分，在我們看來，這是一項很好的業務，可以持續很多年。

Families will gather to watch major sporting events, and they're going to want to watch it predominantly, not always, not 100%, but predominantly on a big screen.

家庭將聚集在一起觀看重大體育賽事，他們將主要希望觀看它，並非總是如此，不是 100%，而是主要在大屏幕上觀看。

And we're happy to be the company that brings those big events to them.

我們很高興成為為他們帶來這些重大事件的公司。

Let me just -- if I might wrap up by just saying that great start to the quarter.

讓我 - 如果我可以通過說本季度的良好開端來結束。

And I think that you can tell by the Q&A that there's a lot of projects and momentum that is unique.

而且我認為您可以通過問答環節看出有很多獨特的項目和勢頭。

I also think, Dave, hopefully, everybody else can see why we're so excited to have Dave leading the cable division.

我還認為，戴夫，希望其他人都能明白為什麼我們對戴夫領導有線電視部門如此興奮。

That he's got a grasp for the issues, he's going to take the work that Neil started and he started with him and accelerate us and focus even better as we go forward and pick priorities as we now go into new businesses.

他掌握了這些問題，他將接手 Neil 開始的工作，他和他一起開始工作，加快我們的步伐，在我們前進時更加專注，並在我們現在進入新業務時選擇優先事項。

And his expertise is particularly perfect at this moment.

而他的專長在這一刻尤為完美。

So really, really pleased with the start, and we look forward to reporting to you next quarter.

對一開始真的非常非常滿意，我們期待在下個季度向您報告。

So we'll end the call there.

所以我們會在那裡結束通話。

Thank you, everyone, for joining us.

謝謝大家加入我們。

Regina, back to you.

里賈納，回到你身邊。

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 12:00 p.m.

今天下午 12:00 開始將重播今天的電話會議。

Eastern time.

東部時間。

It will run through Thursday, May 4, at midnight Eastern time.

它將持續到美國東部時間 5 月 4 日星期四午夜。

The dial-in number is (855) 859-2056, and the conference ID number is 84390200.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 84390200。

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從下午 12:30 開始在公司網站上提供。

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.

你們都可以斷開連接。