康卡斯特 (CMCSA) 2017 Q2 法說會逐字稿

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

女士們，先生們，早上好，歡迎參加康卡斯特 2017 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

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

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯特朗先生。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke and 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 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 had an excellent second quarter with revenue and EBITDA both increasing by 10%.

我們的第二季度表現出色，收入和 EBITDA 均增長了 10%。

This is a great result and is due to the broad-based momentum across all our businesses and gives us the best first half EBITDA growth in 6 years.

這是一個很好的結果，這是由於我們所有業務的基礎廣泛的勢頭，並為我們提供了 6 年來最好的上半年 EBITDA 增長。

NBCUniversal's results stood out with EBITDA increasing by over 20% for the second consecutive quarter, reflecting strong contributions from all parts.

NBCUniversal 的業績表現突出，EBITDA 連續第二個季度增長超過 20%，反映了各部門的強勁貢獻。

So let me break this down by business, starting with Theme Parks, which had another outstanding quarter of double-digit EBITDA growth.

因此，讓我按業務細分，從主題公園開始，該公司又一個季度實現兩位數的 EBITDA 增長。

This quarter included the opening of our exciting new water theme park, Volcano Bay in Orlando.

本季度包括我們令人興奮的新水上主題公園奧蘭多火山灣的開幕。

And speaking from personal experience, it is truly extraordinary, from the use of innovative wearable technology to the amazing attractions, including a thrilling 125-foot drop down a slide from the top of the volcano.

從個人經驗來看，從使用創新的可穿戴技術到令人驚嘆的景點，包括從火山頂部滑下 125 英尺高的令人興奮的滑梯，這確實非同尋常。

In Japan, our timing was really good, and we couldn't be more pleased with our acquisition of the remaining 49% of Universal Studios Japan, where the recent launch of Minion Park has significantly exceeded our early expectations.

在日本，我們的時機非常好，我們對收購日本環球影城剩餘 49% 的股份感到非常滿意，最近推出的小黃人公園大大超出了我們的早期預期。

The region holds tremendous potential for us, and Mike Cavanagh and I, along with Tom Williams, who heads the park business, just returned from a trip to China, and we are as enthusiastic as ever about bringing a spectacular theme park to Beijing.

該地區對我們來說具有巨大的潛力，我和 Mike Cavanagh 以及負責公園業務的 Tom Williams 剛剛從中國旅行回來，我們一如既往地熱衷於將一個壯觀的主題公園帶到北京。

In film, we continue to see success with theatrical releases after setting a new record for the biggest-ever worldwide opening, Fate of The Furious went on to become just the sixth film in history to cross $1 billion at the international box office and Universal's third-highest grossing movie ever.

在電影方面，我們在創造了有史以來最大的全球首映新紀錄後，繼續在院線上映取得成功，《憤怒的命運》成為歷史上第六部國際票房突破 10 億美元的電影，也是環球影業的第三部-有史以來票房最高的電影。

And Chris Meledandri's creative ability is on full display again with Despicable Me 3. The film's performance has been fantastic both domestically and internationally since its release at the end of June and was the largest-ever debut for an animated movie in China.

而克里斯·梅萊丹德里的創作能力在《神偷奶爸3》中再次得到充分展示。該片自6月底上映以來，在國內和國際上的表現都非常出色，是中國動畫電影有史以來最大的處女作。

These incredible results are a tribute to the management team's wonderful execution of our franchise-focused strategy, along with global marketing and distribution efforts.

這些令人難以置信的結果歸功於管理團隊出色地執行了我們以特許經營為重點的戰略，以及全球營銷和分銷工作。

In our TV businesses, our strategy to market and monetize NBCUniversal's unified portfolio of networks under one umbrella is working really well.

在我們的電視業務中，我們將 NBCUniversal 統一的網絡組合進行營銷和貨幣化的戰略運作良好。

On the distribution side, affiliate fees and retransmission fees continue to fuel good momentum.

在分銷方面，加盟費和轉播費繼續推動良好勢頭。

Our upfront performance proves that advertiser demand for high-quality TV content is really solid.

我們的前期表現證明，廣告客戶對高質量電視內容的需求確實很穩固。

During the upfront, we achieved high single-digit growth in CPMs, demonstrating the power of the big events we air across NBC Broadcast, Telemundo and our Cable Networks.

在前期，我們實現了 CPM 的高個位數增長，展示了我們在 NBC 廣播、Telemundo 和我們的有線電視網絡上播出的大型活動的力量。

We think we had the most successful upfront of any one in the industry.

我們認為我們擁有業內最成功的前期。

During the second quarter, NBC Broadcast gained share from its peers helped by summer hits, including World of Dance, the #1 new entertainment series.

在第二季度，NBC Broadcast 在夏季熱門節目的幫助下從同行那裡獲得了份額，其中包括排名第一的新娛樂系列《舞蹈世界》。

NBC remains on track to win the 52-week season for the fourth consecutive year and by a substantial margin.

NBC 仍有望連續第四年以可觀的優勢贏得為期 52 週的賽季。

At Cable Networks, MSNBC is a real bright spot with ratings in prime increasing nearly 80% year-over-year in the second quarter.

在有線電視網絡，MSNBC 是一個真正的亮點，第二季度的黃金收視率同比增長近 80%。

Now turning to Cable Communications.

現在轉向有線通信。

Our team's performance has been a model of consistency for us and the second quarter was no different.

我們團隊的表現一直是我們一貫的典範，第二季度也不例外。

Our results again demonstrated our balanced approach of driving profitable growth as we generated a healthy 5.4% increase in EBITDA, while also adding 114,000 net new customer relationships.

我們的結果再次證明了我們推動盈利增長的平衡方法，因為我們的 EBITDA 實現了 5.4% 的健康增長，同時還增加了 114,000 個淨新客戶關係。

Since taking the reins in April, Dave Watson has done a terrific job and the transition has been seamless.

自 4 月上任以來，戴夫·沃森 (Dave Watson) 的工作非常出色，而且過渡也很順利。

We are confident our team has the right strategy focusing on improving service with strong EBITDA growth and customer momentum.

我們相信我們的團隊擁有正確的戰略，專注於通過強勁的 EBITDA 增長和客戶動力來改善服務。

We are investing in innovation, differentiating our products and customer segmentation, highlighted by offerings like the X1 platform and our recently launched xFi experience for in-home broadband as well as our ongoing rollout of DOCSIS 3.1 to enable gigabit speeds across our footprint.

我們正在投資於創新，區分我們的產品和客戶細分，其中突出的特點是 X1 平台和我們最近推出的家庭寬帶 xFi 體驗以及我們持續推出的 DOCSIS 3.1 以在我們的足跡上實現千兆速度。

In addition, a relentless focus on customer service is translating into a better experience for our customers and reduced costs as we get it right the first time and move more and more interactions to digital.

此外，對客戶服務的不懈關注正在為我們的客戶帶來更好的體驗並降低成本，因為我們第一次就做到了正確，並將越來越多的互動轉移到數字化。

In the second quarter, we reduced customer calls handled by our agents by over 3 million year-over-year.

在第二季度，我們代理處理的客戶電話同比減少了超過 300 萬次。

We also increased the percentage of customer interactions completed digitally by double digits year-over-year.

我們還將以數字方式完成的客戶交互百分比同比增加了兩位數。

As we look beyond the second quarter, we see so many opportunities for continued growth in our cable business with significant runway ahead in Broadband, robust growth in business services, attractive opportunities driven by our differentiated approach to video and upside in newer offerings alike XFINITY Home, all these services enabled by an ever-increasing digital service experience.

隨著我們展望第二季度之後，我們看到了許多持續增長的機會，我們的有線電視業務在寬帶方面取得了長足的進步，商業服務的強勁增長，我們差異化的視頻方法驅動的有吸引力的機會以及 XFINITY Home 等新產品的上行空間，所有這些服務都由不斷增長的數字服務體驗所支持。

We are also excited about the prospects for XFINITY Mobile, which we launched to customers in the middle of the second quarter.

我們也對第二季度中期向客戶推出的 XFINITY Mobile 的前景感到興奮。

While it's still early days, the customer feedback confirms our belief that we have an attractive proposition in the market.

雖然現在還為時尚早，但客戶反饋證實了我們的信念，即我們在市場上有一個有吸引力的主張。

Our differentiated offerings are resonating, including our By the Gig data option and the ability for customers to mix and match and easily switch between 2 plans as well as the inclusion of 5 lines and our convenient digital experience.

我們的差異化產品引起了共鳴，包括我們的 By the Gig 數據選項和讓客戶混合和匹配並在 2 個計劃之間輕鬆切換的能力，以及包含 5 條線路和我們方便的數字體驗。

So all in all, a great first half of the year with a fantastic group of businesses that are executing extremely well.

總而言之，今年上半年非常棒，一群出色的企業執行得非常好。

I'm proud of what we accomplished, including our 10% EBITDA growth, and we have a strong foundation to build on for the remainder of the year and beyond.

我為我們所取得的成就感到自豪，包括我們 10% 的 EBITDA 增長，我們有一個堅實的基礎可以在今年剩餘時間及以後繼續發展。

Mike, over to you.

邁克，交給你了。

Thanks, Brian, and good morning, everybody.

謝謝，布賴恩，大家早上好。

Let's start on Slide 4. So as Brian just said, we delivered very strong second quarter results.

讓我們從幻燈片 4 開始。正如布賴恩剛才所說，我們提供了非常強勁的第二季度業績。

On a consolidated basis, revenue increased 9.8%, adjusted EBITDA grew 10%, earnings per share increased to 26.8% to $0.52 a share and we generated $2.2 billion in free cash flow during the quarter.

在綜合基礎上，收入增長 9.8%，調整後 EBITDA 增長 10%，每股收益增長至 26.8% 至每股 0.52 美元，我們在本季度產生了 22 億美元的自由現金流。

Now let's go deeper into the businesses starting with Cable Communications on Slide 5. Cable Communications' revenues increased 5.5% to $13.1 billion, driven by growth in residential high-speed Internet and video as well as business services.

現在讓我們從幻燈片 5 中的有線電視通信開始更深入地了解業務。在住宅高速互聯網和視頻以及商業服務增長的推動下，有線電視通信的收入增長了 5.5% 至 131 億美元。

In our residential business, we added 77,000 net new customer relationships in the quarter, a 6.4% increase over last year with both video and high-speed data churn remaining at the lowest levels in over 10 years.

在我們的住宅業務中，我們在本季度新增了 77,000 個淨新客戶關係，比去年增長 6.4%，視頻和高速數據流失率均保持在 10 多年來的最低水平。

We are pleased with these results and our ability to weather the more competitive environment this quarter.

我們對這些結果以及我們在本季度應對競爭更加激烈的環境的能力感到滿意。

There have been several new entrants in the over-the-top video space, prompting existing competitors to respond with aggressive price points that have cut across multiple products.

OTT 視頻領域出現了幾家新進入者，促使現有競爭對手以跨越多種產品的激進價格點做出回應。

We continue to believe in our ability to compete effectively.

我們繼續相信我們有能力有效競爭。

First, we have innovative products, including best-in-class broadband and a great video experience with X1.

首先，我們擁有創新產品，包括一流的寬帶和 X1 的出色視頻體驗。

Second, we successfully bundle our services together, with 70% of our residential customer base taking at least 2 products.

其次，我們成功地將我們的服務捆綁在一起，我們 70% 的住宅客戶群至少使用了 2 種產品。

In addition, we focus on market segmentation, packaging our products to be competitive to multiple customer segments.

此外，我們專注於市場細分，包裝我們的產品以對多個客戶群具有競爭力。

And importantly, we are making continuous improvements to our customer service.

重要的是，我們正在不斷改進我們的客戶服務。

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增長的最大貢獻者。

Revenue increased 9.2% to $3.7 billion in the quarter driven by an increase in our residential customer base and rate adjustments.

由於我們的住宅客戶群增加和費率調整，本季度收入增長 9.2% 至 37 億美元。

We added 140,000 residential high-speed Internet customers in the quarter, and we remain focused on adding value and further enhancing our competitive differentiation through improvement to capacity, coverage and capabilities.

我們在本季度增加了 140,000 家住宅高速互聯網客戶，我們仍然專注於通過提高容量、覆蓋範圍和能力來增加價值並進一步增強我們的競爭差異化。

We consistently increase our speeds and nearly 55% of our residential customers take speeds of 100 megabits per second or higher.

我們不斷提高速度，近 55% 的住宅客戶採用每秒 100 兆位或更高的速度。

We are offering gigabit speeds with our deployment of DOCSIS 3.1 and plan to have this technology available to the majority of our homes passed by year-end.

我們通過部署 DOCSIS 3.1 提供千兆速度，併計劃在年底前將這項技術提供給我們的大多數家庭。

And in addition, we recently launched xFi, a new home WiFi platform that gives customers the fastest speeds, the best WiFi coverage and ultimate control in their homes, making WiFi an even better experience.

此外，我們最近推出了新的家庭 WiFi 平台 xFi，為客戶提供最快的速度、最佳的 WiFi 覆蓋範圍和在家中的終極控制，讓 WiFi 體驗更加出色。

As Brian mentioned, we have a long runway for growth in adding broadband customers.

正如布賴恩所說，我們在增加寬帶客戶方面還有很長的路要走。

Video revenue increased 3.9% to $5.8 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services.

本季度視頻收入增長 3.9% 至 58 億美元，主要是由於費率調整以及客戶訂閱了額外服務。

We had 45,000 residential video customer net losses in the quarter, reflecting both typical second quarter seasonality as well as the competitive dynamics I mentioned earlier.

我們在本季度有 45,000 名住宅視頻客戶淨虧損，這既反映了典型的第二季度季節性，也反映了我之前提到的競爭動態。

We continue to drive X1 deeper into our base ending the quarter with 55% of our residential video customers having X1 compared to about 40% a year ago.

在本季度末，我們繼續將 X1 深入我們的基礎，我們 55% 的住宅視頻客戶擁有 X1，而一年前這一比例約為 40%。

Business services delivered another strong quarter of double-digit growth as revenue increased 12.6% to $1.5 billion during the quarter, primarily driven by customer growth.

商業服務實現了又一個強勁的兩位數增長，本季度收入增長 12.6% 至 15 億美元，主要受客戶增長的推動。

We added 37,000 business customer relationships.

我們增加了 37,000 個商業客戶關係。

And in terms of individual products, we added 11,000 video customers, 35,000 high-speed Internet customers and 27,000 voice customers in the quarter.

單品方面，本季度新增視頻客戶1.1萬家、高速互聯網客戶3.5萬家、語音客戶2.7萬家。

In addition, we increased revenue per business customer relationship by 4%, which reflects good momentum in our Ethernet and advanced voice services.

此外，我們將每個業務客戶關係的收入增加了 4%，這反映了我們以太網和高級語音服務的良好勢頭。

Turning to Slide 6. Second quarter Cable Communications' EBITDA increased 5.4% to $5.3 billion, resulting in a margin of 40.5%, down 10 basis points compared to the second quarter of 2016.

轉到幻燈片 6。第二季度 Cable Communications 的 EBITDA 增長 5.4% 至 53 億美元，利潤率為 40.5%，與 2016 年第二季度相比下降 10 個基點。

Programming expenses increased 12% during the quarter and on a year-to-date basis, reflecting the timing of contract renewals.

本季度和年初至今的編程費用增加了 12%，這反映了合同續籤的時間。

Nonprogram expenses increased 1.4% this quarter as we benefit from the investments we have made in customer experience initiatives as well as overall disciplined cost management.

本季度非計劃費用增長了 1.4%，因為我們受益於我們在客戶體驗計劃以及整體嚴格成本管理方面的投資。

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%。

Despite the higher rate of programming expense growth, our year-to-date EBITDA margin of 40.4% has improved by 10 basis points compared to the same period in 2016.

儘管編程費用增長率較高，但我們年初至今的 EBITDA 利潤率為 40.4%，與 2016 年同期相比提高了 10 個基點。

The improvement was driven by growth in higher-margin services, such as high-speed Internet and business services as well as the lower rate of growth in nonprogramming expenses.

這種改善是由高利潤服務的增長推動的，例如高速互聯網和商業服務，以及非編程費用的較低增長率。

As we look forward, we now expect the full year 2017 EBITDA margin to be flat compared to 2016, which was 40.2%.

展望未來，我們現在預計 2017 年全年 EBITDA 利潤率將與 2016 年持平，即 40.2%。

The improvement relative to our original guidance from earlier this year is equally split between programming and nonprogramming expenses.

相對於我們今年早些時候的原始指導的改進在編程和非編程費用之間平均分配。

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 revenues increased 17% and EBITDA increased 23% in the quarter.

在幻燈片 7 中，您可以看到 NBCUniversal 的收入在本季度增長了 17%，EBITDA 增長了 23%。

These strong results were driven by a successful box office, healthy growth in retrans and affiliate fees as well as continued strong growth 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健康增長以及主題公園的持續強勁增長推動的。

Cable Networks delivered another quarter of strong growth with revenue increasing 5.1% and EBITDA up 11.7% to $1.1 billion.

Cable Networks 實現了又一個季度的強勁增長，收入增長 5.1%，EBITDA 增長 11.7%，達到 11 億美元。

While advertising revenue was down 1% this quarter, distribution revenue increased 8.1%, driving double-digit EBITDA growth.

雖然本季度廣告收入下降了 1%，但分銷收入增長了 8.1%，推動了兩位數的 EBITDA 增長。

Recall, we have successfully renewed a number of our distribution agreements and this should continue to contribute to healthy EBITDA growth for the remainder of the year.

回想一下，我們已經成功續簽了一些分銷協議，這將繼續為今年剩餘時間的 EBITDA 健康增長做出貢獻。

Broadcast Television also delivered a solid quarter with revenue increasing 5.3% and EBITDA growth of 5.5% to $416 million.

廣播電視也實現了穩健的季度，收入增長 5.3%，EBITDA 增長 5.5%，達到 4.16 億美元。

This growth was primarily driven by higher retransmission consent fees, which increased nearly 65% to $363 million.

這一增長主要是由更高的轉播同意費推動的，該費用增加了近 65%，達到 3.63 億美元。

Partially offsetting this growth was a modest 1% decline in advertising revenue, which reflected ratings pressure during the quarter as well as higher programming expenses and increased marketing investments.

部分抵消了這一增長的是廣告收入溫和下降 1%，這反映了本季度的收視壓力以及更高的節目費用和增加的營銷投資。

Film had a phenomenal quarter with revenue increasing 60% and EBITDA growing by $229 million to $285 million.

電影的季度業績驚人，收入增長了 60%，EBITDA 增長了 2.29 億美元，達到 2.85 億美元。

Theatrical revenue increased by $540 million to $837 million, driven by the strong box office performance of Fate of the Furious, which more than offset the underperformance of The Mummy.

由於《憤怒的命運》的強勁票房表現，劇院收入增加了 5.4 億美元，達到 8.37 億美元，抵消了《木乃伊》表現不佳的影響。

Home entertainment revenue increased 43% due to the continued success of earlier titles, including Fifty Shades Darker and Sing.

由於早期遊戲的持續成功，包括五十度黑和歌唱，家庭娛樂收入增長了 43%。

Last, content licensing revenue grew 14%, reflecting the inclusion of DreamWorks.

最後，內容授權收入增長了 14%，這反映了夢工廠的加入。

Theme Parks continued its momentum with revenue growth of 15.6% and EBITDA up a very healthy 17.3% to $551 million in the second quarter.

主題公園繼續保持增長勢頭，第二季度收入增長 15.6%，EBITDA 增長 17.3%，達到 5.51 億美元。

These results reflect higher attendance and per capita spending as well as a favorable comparison from the timing of spring break vacations.

這些結果反映了更高的出勤率和人均支出，以及春假時間的有利比較。

As a reminder, spring break and Easter holiday occurred in the second quarter this year but occurred during the first quarter last year, creating a favorable comparison this quarter.

提醒一下，春假和復活節假期發生在今年第二季度，但發生在去年第一季度，本季度形成了有利的對比。

However, even if we adjust for this timing, EBITDA would've still grown double digits this quarter as we continue to benefit from Harry Potter in Hollywood as well as our launches of new attractions Brian mentioned, Volcano Bay in Orlando and Minion Park in Japan.

然而，即使我們調整這個時機，本季度的 EBITDA 仍將增長兩位數，因為我們繼續受益於好萊塢的哈利波特以及我們推出的新景點布萊恩提到的奧蘭多火山灣和日本小黃人公園.

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

現在讓我們轉到幻燈片 8 來回顧我們的合併和細分資本支出。

Consolidated CapEx increased 2.5% to $2.3 billion in the second quarter.

第二季度合併資本支出增長 2.5% 至 23 億美元。

At Cable Communications, capital expenditures increased 4% to $2 billion for the quarter, resulting in capital intensity of 14.9%.

Cable Communications 本季度的資本支出增加了 4%，達到 20 億美元，資本密集度為 14.9%。

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 in spending reflects a higher level of investment in scalable infrastructure to increase network capacity and increase investment in line extensions, partially offset by decreased spending on customer premise equipment.

本季度支出的增加反映了對可擴展基礎設施的更高水平的投資，以增加網絡容量並增加對線路擴展的投資，部分被客戶端設備支出的減少所抵消。

At NBCUniversal, second quarter capital expenditures decreased 6.1% to $338 million, reflecting our continued investment in Theme Parks, more than offset by the timing of spending on real estate and at our headquarters.

在 NBCUniversal，第二季度資本支出下降 6.1% 至 3.38 億美元，這反映了我們對主題公園的持續投資，但被房地產和總部支出的時機所抵消。

For the full year, we continue to expect NBCUniversal's capital expenditures to increase approximately 10% versus 2016.

對於全年，我們繼續預計 NBCUniversal 的資本支出將比 2016 年增加約 10%。

And now finishing up on Slide 9. As I mentioned earlier, we generated $2.2 billion in free cash flow on the quarter and $5.3 billion on a year-to-date basis.

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 22 億美元的自由現金流，在年初至今的基礎上產生了 53 億美元。

Our return of capital to shareholders in the second quarter included dividend payments totaling $747 million, up 11.6% and share repurchases of $1.4 billion.

我們在第二季度向股東返還的資本包括總計 7.47 億美元的股息支付，增長 11.6% 和 14 億美元的股票回購。

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

我們繼續預計今年將回購總計 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。

During the quarter, we completed our acquisition of the remaining 49% stake in Universal Studios Japan for $2.3 billion.

本季度，我們以 23 億美元完成了對日本環球影城剩餘 49% 股權的收購。

Subsequent to the end of the quarter, we received proceeds of $482 million in connection with our previously announced relinquishments of FCC licenses for spectrum in the New York, Philadelphia and Chicago designated market areas.

在本季度末，我們收到了 4.82 億美元的收益，與我們之前宣布放棄紐約、費城和芝加哥指定市場區域的頻譜許可有關。

So that concludes our summary of the quarter.

這樣就結束了我們對本季度的總結。

We are clearly very pleased with our continued strong performance as well as our momentum.

我們顯然對我們持續強勁的表現和勢頭感到非常滿意。

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。

Thank you, Mike.

謝謝你，邁克。

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

Regina，讓我們打開問答電話，好嗎？

(Operator Instructions) Our first question comes from the line of Ben Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

I want to ask you about sort of the 2 of the big debates out there, one is on the runway for broadband and the other on the sort of pay TV ecosystem.

我想問你關於那裡的兩大爭論，一個是關於寬帶的跑道，另一個是關於付費電視生態系統的。

Brian, you specifically said in your prepared remarks you see a significant runway for the data business.

布賴恩，你在準備好的評論中特別說過，你看到了數據業務的重要跑道。

And I'd love to hear from you and from Dave what gives you confidence in that.

我很想听聽你和戴夫的意見，是什麼讓你對此充滿信心。

How do you think about driving market share gains further from here?

您如何看待進一步推動市場份額增長？

Any comment on the response to xFi and just other things you're doing around the products beyond speed to continue to push your advantage in the marketplace and grow that business over time?

對 xFi 的反應以及您圍繞產品所做的其他事情有何評論？

And then on the video side, maybe from Steve, how are you -- what are you seeing on the subscriber front for your Cable net as you see these new entrants come in the market?

然後在視頻方面，也許來自史蒂夫，你好嗎 - 當你看到這些新進入者進入市場時，你在有線電視網絡的訂閱者面前看到了什麼？

Obviously, there's been a lot of pressure for the overall industry, but curious how you're thinking about the impact of these emerging streaming bundles on your business?

顯然，整個行業面臨著很大的壓力，但好奇您如何看待這些新興的流媒體捆綁包對您的業務的影響？

Okay.

好的。

Well, thank you, and good morning.

好的，謝謝，早上好。

So first big comment would be that we're performing well in broadband.

所以第一個重要的評論是我們在寬帶方面表現良好。

If you look at us versus all the competitors that have reported, you're going to see growth, continued growth, and we expect that to continue for rest of the year and hopefully for years to come, and that's why I think we make that statement.

如果您將我們與所有報告的競爭對手進行比較，您將看到增長，持續增長，我們預計這種情況將持續到今年餘下的時間，並希望在未來幾年持續，這就是我認為我們做到這一點的原因陳述。

I think our product is better.

我認為我們的產品更好。

And so what Dave is doing, and I'll let him talk about it, is we are taking some of that same innovation, as you alluded to, that we brought to video, which is why our video results have been pretty strong the last several years compared to again the marketplace.

所以戴夫正在做什麼，我讓他談談，我們正在採取一些與你提到的相同的創新，我們帶來了視頻，這就是為什麼我們的視頻結果在最後一個非常強大幾年再比市場。

It's that innovation and that culture of every month the product gets better.

正是這種創新和每個月產品變得更好的文化。

So we have a whole team of people who are trying to be more than just we're getting faster and better.

所以我們有一個完整的團隊，他們正在努力不僅僅是我們變得更快更好。

But again, Dave, why don't you jump in and Steve can talk about the video.

但是再次，戴夫，你為什麼不跳進去，史蒂夫可以談論視頻。

But again, I think company-wide, yes, I think we're executing better than maybe a lot of people believe these businesses can do, and that's why I think we think it's going to continue for the future.

但同樣，我認為在整個公司範圍內，是的，我認為我們的執行情況可能比很多人認為這些業務可以做的要好，這就是為什麼我認為我們認為它會在未來繼續下去。

It's great momentum.

這是很大的勢頭。

Yes, Ben.

是的，本。

So as Brian said, there is significant runway ahead in broadband.

因此，正如布賴恩所說，寬帶領域還有很大的發展空間。

And the key to me when you look at this is the upside of the opportunity.

當你看到這個時，我的關鍵是機會的好處。

We're sitting at 45% penetration right now.

我們現在的滲透率為 45%。

So there is growth just there.

所以那裡有增長。

The overall market is growing with only 75% of households subscribing to Internet access.

整個市場正在增長，只有 75% 的家庭訂閱了互聯網接入。

And -- so mostly, from our position, it's the innovation that Brian is talking about.

而且——從我們的立場來看，主要是布賴恩所說的創新。

We like our formula.

我們喜歡我們的配方。

We deliver very fast, reliable service.

我們提供非常快速、可靠的服務。

And the focus, the shift that we've had around innovation is around WiFi in the home.

我們圍繞創新所做的轉變的重點是家庭中的 WiFi。

Key for us is staying ahead of competition with speeds, capacity, coverage and capability.

對我們而言，關鍵是在速度、容量、覆蓋範圍和能力方面保持領先。

And xFi is a good example of that.

xFi 就是一個很好的例子。

I think we deliver on all these points.

我認為我們兌現了所有這些觀點。

With xFi, you get fantastic wireless gateways.

使用 xFi，您可以獲得出色的無線網關。

We're just introducing a new advanced wireless gateway that can get you up to 1 gig WiFi speed.

我們剛剛推出了一種新的高級無線網關，它可以讓您獲得高達 1 gig WiFi 的速度。

So it delivers great coverage in the home.

因此，它在家中提供了很好的覆蓋範圍。

And it gives for the first time, one of the pain points for customers, the ability to connect just an ever-increasing amount of wireless devices in the home and let you simply and easily manage all of that within your home.

它首次為客戶提供了一個痛點，即能夠連接家中越來越多的無線設備，讓您在家中簡單輕鬆地管理所有這些設備。

So I think when you add it all up, we like our position.

所以我認為當你把它加起來時，我們喜歡我們的位置。

There could be continued innovative focus around the broadband category, but we have good momentum.

寬帶類別可能會持續創新，但我們有良好的勢頭。

So the over-the-top services that have been launched so far doing about as we expected they would do and that is -- they are not all that material to our business.

因此，到目前為止已經推出的 OTT 服務按照我們的預期進行，那就是——它們對我們的業務來說並不是那麼重要。

They've all launched, they have subscribers.

他們都推出了，他們有訂閱者。

We have deals in place with all of them, they are actually very favorable.

我們與他們都有交易，他們實際上是非常有利的。

So if from a NBCUniversal point of view someone goes to an over-the-top provider, it's actually slightly better.

因此，如果從 NBCUniversal 的角度來看，有人去一個過度的提供商，它實際上稍微好一點。

But it's a very tough business.

但這是一項非常艱難的業務。

And as we've said before, we are skeptical that it's going to be a very large business or profitable business for the people that are in it and they are off to a relatively slow start.

正如我們之前所說，我們懷疑這將是一項非常大的業務或對其中的人來說是一項有利可圖的業務，而且他們的起步相對緩慢。

In terms of overall subscriber trends, they are about the same as they have been.

就整體訂戶趨勢而言，它們與以往大致相同。

No speed up or slow down in the modest subscriber losses that we've seen over the last few years.

我們在過去幾年中看到的適度用戶損失沒有加速或減速。

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

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

Brian, I guess, the obvious question that seems to be on everyone's lips is it seems like every day that goes by there is another round of speculation about who -- with whom you might partner next?

布賴恩，我猜，似乎每個人都在談論的一個顯而易見的問題是，似乎每一天都會有另一輪猜測，關於誰——你下一個可能與誰合作？

Or who you might buy or merge with and that sort of thing?

或者你可能會購買或與誰合併之類的東西？

I wonder if you could just sort of step back and strategically talk about the assets you have and where, if anywhere, you think you might look next to add to the portfolio?

我想知道您是否可以退後一步，戰略性地談論您擁有的資產，以及您認為下一步可能在哪裡（如果有的話）添加到投資組合中？

Thank you and thanks for posting that question in a broad way, which makes -- in my opinion, I thought we are really clear last quarter.

感謝並感謝您以廣泛的方式發布該問題，這使得 - 在我看來，我認為我們上個季度真的很清楚。

So I guess, a chance to be even more clear.

所以我想，有機會更清楚。

While -- yes, we always look at the world around us and we do our jobs frankly in looking at opportunities.

雖然——是的，我們總是關注我們周圍的世界，我們坦率地工作以尋找機會。

We love our business.

我們熱愛我們的事業。

I mean, look at this quarter, 10% cash flow growth, 10% revenue growth.

我的意思是，看看這個季度，10% 的現金流增長，10% 的收入增長。

Every one of the business is performing well.

每一項業務都表現良好。

So I don't see anybody quite doing that, frankly, in our space quarter-after-quarter, by the way, not just one movie.

因此，坦率地說，在我們的空間中，我看不到任何人會一個季度一個季度地這樣做，而不僅僅是一部電影。

And I think, I've said, and I think we've said in multiple forums, that we really feel we are not missing anything.

我認為，我已經說過，而且我認為我們已經在多個論壇上說過，我們真的覺得我們沒有遺漏任何東西。

And so just to specifically talk about wireless, which I think was embedded in your question, no disrespect to wireless, it's a tough business.

所以只是專門談論無線，我認為這是嵌入在你的問題中，沒有不尊重無線，這是一項艱難的業務。

And our strategy of MVNO, we really like what we are doing.

而我們的 MVNO 策略，我們真的很喜歡我們正在做的事情。

And just it's very, very early with XFINITY mobile.

XFINITY 移動版現在非常非常早。

And our early employee results and our first set of customers really improves a lot of the things we hope it would improve.

我們早期的員工成果和我們的第一批客戶確實改善了很多我們希望它會改善的東西。

It will be a long road and -- but I don't see something happening in that industry that we envy their -- the position that we don't have today.

這將是一條漫長的道路，而且——但我沒有看到這個行業發生了我們羨慕他們的事情——我們今天沒有的職位。

So while we continue to focus on what we've got, if you look at the mix of content, it's not just content for content sake, I think putting an incredible team on the field and having NBC be in first place to have Telemundo really just surging, the big year we're going to have in sports with all the big events.

因此，當我們繼續專注於我們所擁有的東西時，如果你看一下內容的組合，它不僅僅是為了內容的內容，我認為在該領域建立一支令人難以置信的團隊並讓 NBC 成為真正擁有 Telemundo 的首位只是洶湧澎湃，我們將在體育運動中擁有所有重大賽事的重要一年。

And cable, Dave just talked about it, it's fantastic strategy.

和有線電視，戴夫剛剛談到它，這是一個了不起的策略。

I think we have a really special company, and I wouldn't want to do anything to change that.

我認為我們有一家非常特別的公司，我不想做任何事情來改變它。

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。

Two questions first on the cable side.

首先是電纜方面的兩個問題。

We've seen the subscriber results from AT&T and Verizon.

我們已經看到了來自 AT&T 和 Verizon 的訂戶結果。

And I think FiOS and your subs were better than expected.

而且我認為 FiOS 和您的潛艇比預期的要好。

So I guess the question is at what point do you feel that you have to respond to this, whether it be promotions or lower overall pricing?

所以我想問題是你覺得你必須在什麼時候對此做出回應，無論是促銷還是降低整體定價？

And then second on the NBCU side, Steve, as you said, the upfront was really successful.

然後在 NBCU 方面排名第二，史蒂夫，正如你所說，前期非常成功。

Do you think this represents true underlying demand?

您認為這代表了真正的潛在需求嗎？

Or do you think it's just ad dollars being pulled forward so there might be less demand in scatter?

還是您認為只是廣告收入被拉高，因此分散的需求可能會減少？

Let me start, Marci, this is Dave.

讓我開始吧，瑪西，我是戴夫。

So we go through competitive cycles with all sorts of providers, not the least of which the telephone companies.

因此，我們經歷了與各種供應商的競爭週期，尤其是電話公司。

So we're very accustomed to moments where they discount a bit more.

所以我們非常習慣於他們打折更多的時刻。

Our focus is to stay disciplined around delivering the best products.

我們的重點是在提供最好的產品方面保持自律。

We put them in packages that work for customers.

我們將它們放在適合客戶的包裝中。

And so whether it's X1, just talked about broadband, those are the keys.

所以無論是X1，剛剛談到寬帶，這些都是關鍵。

We always compete.

我們總是競爭。

And we always segment.

我們總是分段。

We always go after different market segments and making sure we are competitive for each of those.

我們總是追求不同的細分市場，並確保我們在每個細分市場都具有競爭力。

So we do tweak our go-to-market approaches.

因此，我們確實調整了進入市場的方法。

We've been doing that for a long time.

我們已經這樣做了很長時間。

So I don't see anything materially different in our approach, stay very focused on delivering the best products in the marketplace and being competitive.

因此，我認為我們的方法沒有任何實質性的不同，始終專注於提供市場上最好的產品並保持競爭力。

I just want to add one other thing.

我只想添加另一件事。

David's been doing this for us for 20 years now or more and has seen it all.

大衛為我們做這件事已經 20 年或更長時間了，他已經看到了這一切。

And what I like about his leadership is the mix and Neil before him in -- you'll see a lot of results today, we got a busy day for the analysts and our sympathies go out to you for all the companies reporting on the same day.

我喜歡他的領導能力是他之前的混合和尼爾 - 你今天會看到很多結果，我們的分析師忙碌了一天，我們對所有報告相同的公司表示同情天。

I don't know that you'll see subscriber results and revenue growth and cash flow and it's that balance that is the way Dave's leadership and the team he's got is trying to run the company.

我不知道你會看到訂戶結果、收入增長和現金流，而正是這種平衡是戴夫的領導層和他所擁有的團隊試圖經營公司的方式。

And I think that's what we're going to try to do in the future.

我認為這就是我們將來要嘗試做的事情。

So regarding the upfront, it was a -- I think it was a pretty good upfront for the television business in general.

所以關於前期，這是一個 - 我認為這對於整個電視業務來說是一個非常好的前期。

It was a particularly good upfront for us.

這對我們來說是一個特別好的前期。

We went into the upfront with NBC ahead.

我們與 NBC 一起進入了前期。

If you take out the Super Bowl at Fox, we were 20% ahead in terms of prime-time ratings of anybody else.

如果你在福克斯取消超級碗，我們的黃金時段收視率領先其他任何人 20%。

Brian mentioned Telemundo but we also had a strength at MSNBC, cable strength sports.

Brian 提到了 Telemundo，但我們在 MSNBC 也有實力，有線力量運動。

And our approach to ad sales -- starting 5 years ago, we put all of ad sales under Linda Yaccarino and Linda and her team sell the entire portfolio together, which since we're the biggest provider of television advertising, we tend to go first.

我們的廣告銷售方式——從 5 年前開始，我們將所有的廣告銷售置於 Linda Yaccarino 之下，Linda 和她的團隊一起銷售整個產品組合，因為我們是最大的電視廣告供應商，所以我們傾向於先行.

We've gone first the last few years in the upfront.

在過去的幾年中，我們在前期處於領先地位。

And that yielded, I think, a greater result than was the typical result.

我認為，這產生了比典型結果更大的結果。

We -- our upfront volume was up about 8%, which represents about $400 million and that doesn't include the Olympics and the Super Bowl where we sold some ads on top of that 8% increase.

我們——我們的前期交易量增長了約 8%，即約 4 億美元，這還不包括奧運會和超級碗，我們在 8% 的增長基礎上還出售了一些廣告。

We think we led the market in terms of broadcast by a few points and cable was at the high end of the range.

我們認為我們在廣播方面領先市場幾分，而有線電視處於該範圍的高端。

We've been talking over the last 6 years or so about a monetization gap.

在過去 6 年左右的時間裡，我們一直在談論貨幣化差距。

We think every year we are chipping away at that and we've closed a lot of the monetization gap.

我們認為每年我們都在減少這一點，我們已經縮小了很多貨幣化差距。

In terms of did we pull demand forward?

就我們是否拉動了需求而言？

I don't think so.

我不這麼認為。

I think the demand really for the last 2 or 3 years has been remarkably consistent throughout the year and the percentage that went in the upfront, I don't see any major sign that, that percentage is higher or lower than it has been traditionally.

我認為過去 2 或 3 年的需求在整個一年中一直非常穩定，而且前期的百分比，我沒有看到任何重大跡象表明，該百分比高於或低於傳統水平。

And all the signs we see more recently than the upfront point to continued strength in the advertising market.

我們最近看到的所有跡像都表明廣告市場持續走強。

And we are doing well in terms of our advanced sales on the Super Bowl and the Olympics and everything else.

我們在超級碗和奧運會以及其他所有方面的先進銷售方面都做得很好。

So I think we feel pretty confident.

所以我認為我們很有信心。

Your next question comes from the line of Jessica Reif Cohen with Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Jessica Reif Cohen。

Two sets of questions.

兩組問題。

First for Brian or Dave, the competitive landscape is changing pretty rapidly as companies from multiple industries are trying to emulate you or parts of you, whether it's the fan companies, the telcos and they are all good companies.

首先對於布萊恩或戴夫來說，競爭格局正在迅速變化，因為來自多個行業的公司都在試圖效仿你或你的一部分，無論是粉絲公司、電信公司，它們都是好公司。

So can you talk about what you are doing to enhance the customer experience over the next few years to protect and grow your business.

那麼，您能否談談您在未來幾年內為增強客戶體驗而採取的措施，以保護和發展您的業務。

You sort of answered it on broadband, so if you could take a video perspective?

你在寬帶上回答了這個問題，所以如果你可以從視頻角度看？

And for Steve, kind of just an advertising question.

對於史蒂夫來說，這只是一個廣告問題。

The market overall seems fairly stable despite ratings issues, whether that's sort of measurement or fragmentation.

儘管存在評級問題，無論是衡量還是分散，市場整體似乎相當穩定。

Can you talk about what NBC is doing to position your company over the next 2 years to enhance the advertising platform?

您能否談談 NBC 在未來 2 年內為您的公司定位以增強廣告平台的能力？

So Jessica, Dave.

所以傑西卡，戴夫。

So let me start with video.

那麼讓我從視頻開始。

It is, as you said, it's a very competitive environment, lots of new entrants coming in and doing different things.

正如你所說，這是一個競爭非常激烈的環境，很多新進入者進來做不同的事情。

The key is, we really like our position overall.

關鍵是，我們真的很喜歡我們的整體位置。

We got this terrific platform, X1, with unbelievable functionality of voice remote and the complete, the overall level of choices that we deliver, the amount of -- the breadth of content on-demand, live, DVR and new entrants that are now part of X1, like Netflix all seamlessly integrated.

我們得到了這個了不起的平台，X1，它具有令人難以置信的語音遙控器功能，以及我們提供的完整的、整體的選擇水平、數量——點播內容的廣度、直播、DVR 和現在成為一部分的新進入者X1，就像 Netflix 一樣無縫集成。

So in addition, as I mentioned before, we're going to compete vigorously for -- across the board for every segment.

因此，此外，正如我之前提到的，我們將在每個細分市場全面展開激烈競爭。

And so we do break it down, whether it's students, whether it's millennials, and so we are seeing really good benefits.

所以我們確實把它分解了，無論是學生，還是千禧一代，所以我們看到了非常好的好處。

And I think while they're sampling, you see new entrants come in.

而且我認為，當他們進行抽樣時，您會看到新進入者進來。

For us, we're going to stay very focused on our strengths.

對我們來說，我們將非常專注於我們的優勢。

And one of the things too that we are rolling out is, and we've talked about before, is Instant TV.

我們正在推出的其中一件事是，我們之前已經討論過，是即時電視。

Instant TV, again, we're launching this.

即時電視，我們再次推出這個。

We've been testing it for a while.

我們已經對其進行了一段時間的測試。

We'll launch it more broadly the second half of the year.

我們將在今年下半年更廣泛地推出它。

And again, this is an in-home Title VI cable service.

再說一次，這是一項家庭 Title VI 有線電視服務。

We have a managed network without a set-top box.

我們有一個沒有機頂盒的託管網絡。

So it's ideal for certain segments and millennials in the test markets, very good response.

因此，它非常適合測試市場中的某些細分市場和千禧一代，反響非常好。

So we'll continue to roll that out.

所以我們將繼續推出它。

There is lot of appeal, different price points that we're testing around that.

有很多吸引力，我們正在測試不同的價格點。

But our key is to leverage our strength in X1 in video but also compete for every segment.

但我們的關鍵是利用我們在視頻中 X1 的優勢，同時爭奪每個細分市場。

So in terms of ratings and what's going on in the video landscaping, it is a very interesting time to be in the television business.

因此，就收視率和視頻美化的情況而言，現在是進入電視行業的一個非常有趣的時期。

You -- I think you have to assume that ratings are going to -- linear ratings are going to continue to decline.

你——我認為你必須假設收視率會——線性收視率會繼續下降。

I'm not sure if the decline is going to speed up or slow down, I think the safest thing is to assume it's going to continue.

我不確定下跌是會加速還是放緩，我認為最安全的做法是假設它會繼續下去。

But overall, video consumption, if you include consumption on the Internet, I think most people think it's as high as it's ever been and -- the first part of our challenge is to make sure that we monetize better, that we get ratings and then monetization at a better rate than we currently do with consumption on the Internet.

但總的來說，視頻消費，如果你包括在互聯網上的消費，我想大多數人認為它和以往一樣高 - 我們面臨的第一部分挑戰是確保我們更好地獲利，我們獲得收視率，然後貨幣化的速度比我們目前在互聯網上消費的速度要好。

The second thing is to try to get more of Internet functionality targetability and data into our traditional television advertising, and I think we've been a leader in that.

第二件事是嘗試將更多的互聯網功能定位和數據納入我們的傳統電視廣告，我認為我們在這方面一直處於領先地位。

We have a lot of data-enhanced products and ways to position our television advertising with some of our digital assets and the partnerships we have.

我們有很多數據增強產品和方法，可以利用我們的一些數字資產和我們擁有的合作夥伴關係來定位我們的電視廣告。

We're a shareholder in BuzzFeed and Vox and Snap and we're doing a lot of selling with Apple and AOL and others so that when Linda Yaccarino goes to market, we can offer television products, which are data enhanced and then bundles, which include television and traditional digital advertising.

我們是 BuzzFeed、Vox 和 Snap 的股東，我們正在與 Apple、AOL 和其他公司進行大量銷售，因此當 Linda Yaccarino 進入市場時，我們可以提供電視產品，這些產品經過數據增強，然後捆綁，包括電視和傳統的數字廣告。

So it's certainly more challenging.

所以這當然更具挑戰性。

There are more variables to play with.

有更多的變量可以玩。

But I like our hand.

但我喜歡我們的手。

And we, I think, have been as aggressive as anybody in trying to make sure that we are continually evolving and giving advertisers what they want, which is the tremendous reach of television still the best way to reach a very large market.

我認為，我們一直在努力確保我們不斷發展並為廣告商提供他們想要的東西，這是電視的巨大影響力，仍然是進入一個非常大的市場的最佳方式。

But some of the targeting that people have started to realize is attractive because of the Internet.

但是，由於互聯網，人們已經開始意識到一些目標是有吸引力的。

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

您的下一個問題來自摩根大通的 Phil Cusick。

I wonder if you can dig more into the cable margin guide increase.

我想知道您是否可以深入了解電纜邊距指南的增加。

How should we think about programming in the second half and 2018 if you can versus the 12% in the first half?

如果可以與上半年的 12% 相比，我們應該如何考慮下半年和 2018 年的編程？

What is the pace of renewals look like in the second half versus the first?

下半年與上半年的續約速度如何？

And then second, in terms of nonprogramming OpEx trends, are there cost-cutting efforts happening there?

其次，就非編程 OpEx 趨勢而言，是否有削減成本的努力？

Or is it really declines driven by a shift in customer activity from those call centers to digital?

還是真的因為客戶活動從呼叫中心轉向數字化而下降？

And what does the runway look like there?

那裡的跑道是什麼樣的？

Phil, it's Mike.

菲爾，是邁克。

I'll start and Dave can finish.

我會開始，戴夫可以完成。

So for 2017, as we started the year, we expected programming to be up 13% programming cost.

因此，對於 2017 年，在我們年初時，我們預計編程成本將增加 13%。

We came in, in the first half of the year around 12%, and I would -- wouldn't expect it to be much different in the second half.

我們在今年上半年進來了大約 12%，我會 - 預計下半年會有很大不同。

In terms of nonprogramming costs, you saw the great results in the first half of the year, and we think those trends are steady.

在非編程成本方面，您在上半年看到了很好的結果，我們認為這些趨勢是穩定的。

So we're just revising today the guidance for the full year this year, and we expect to be flat to 2016.

所以我們今天只是在修改今年全年的指導，我們預計到 2016 年將持平。

As you know, we don't go into a multiyear guidance.

如您所知，我們不會進行多年指導。

But I think what Dave and I have both said previously is that we're going to continue to drive growth in our high-margin businesses, high-speed data and business services, which are obviously margin positive.

但我認為戴夫和我之前都說過，我們將繼續推動我們的高利潤率業務、高速數據和業務服務的增長，這些業務顯然是有利的。

We do expect programming costs, as we've said, to come down into the high single digits in years after 2017.

正如我們所說，我們確實預計編程成本將在 2017 年後的幾年內降至高個位數。

And then finally, on the nonprogramming cost side, a lot of the efforts that Dave and Neil have been putting in over multiple years into customer service in particular are paying dividends in terms of reduced truck rolls, lower calls on top of higher satisfaction.

最後，在非編程成本方面，Dave 和 Neil 多年來在客戶服務方面所做的許多努力，尤其是在減少上門服務、降低呼叫次數和提高滿意度方面帶來了好處。

And that's been a tailwind to nonprogramming expenses.

這對非編程費用來說是一個順風。

And Dave can comment further, but we're going to continue to execute against those kind of trends.

戴夫可以進一步評論，但我們將繼續針對這些趨勢執行。

But again, we don't go beyond the year we're in, in terms of guidance, so I'll leave it there.

但同樣，在指導方面，我們不會超過我們所處的年份，所以我將把它留在那裡。

So as Mike just said, it starts with us looking at high-margin businesses.

正如邁克剛才所說，我們首先要關注高利潤業務。

So -- he said that well, very focused on broadband commercial.

所以——他說很好，非常關注寬帶商業。

But the key driver, I think, to your question, Phil, is that the rate of growth for nonprogramming expenses is trending lower in 2017 and certainly continued trending from last year.

但我認為，菲爾你的問題的關鍵驅動因素是，非編程費用的增長率在 2017 年呈下降趨勢，而且肯定會繼續從去年開始。

So this is a combination of things.

所以這是一個組合。

We've always been very focused on cost management.

我們一直非常關注成本管理。

But the key thing that we are looking at is getting yield from our customer experience investments.

但我們正在關注的關鍵是從我們的客戶體驗投資中獲得收益。

And we made those investments.

我們進行了這些投資。

We like the results.

我們喜歡結果。

And we believe, very strongly, that this is going to yield a better customer experience also.

我們堅信，這也將帶來更好的客戶體驗。

So it's often the case that if you do a good job and you're taking transactions out, you're going to get a lower cost of delivering service.

因此，通常情況下，如果您做得好並且將交易排除在外，您將獲得較低的提供服務成本。

So I think we are getting out ahead of a lot of customer service issues.

所以我認為我們正在解決很多客戶服務問題。

We've got a ways to go, but we are really pleased with our progress.

我們還有很長的路要走，但我們對我們的進步感到非常滿意。

So this comes in, you look at call volumes coming out, truck rolls and so contact rates, all of these things are really trending in the right direction.

所以這進來了，你看看出來的電話量，上門服務等等聯繫率，所有這些事情都在朝著正確的方向發展。

So I like our momentum there.

所以我喜歡我們在那裡的勢頭。

We're going to stay very focused on taking transactions out, but at the same time, this is going to be good for the customer.

我們將繼續非常專注於進行交易，但與此同時，這將對客戶有利。

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 a couple of follow-up questions for Dave.

也許有幾個關於 Dave 的後續問題。

First, on the competitive front.

首先，在競爭方面。

Have the -- the competitive efforts you've seen from the traditional guys, has that continued here into the third quarter?

您從傳統球員那裡看到的競爭努力是否一直持續到第三季度？

And maybe can you give us a sense for maybe where it's coming from?

也許你能給我們一個感覺，也許它來自哪裡？

Is it the telcos?

是電信公司嗎？

Or is it the satellite guys?

還是衛星人？

And then on instant -- the new Instant TV product, I think we heard or you guys have talked about a third quarter launch, but could you give us some more color on sort of the breadth of launch, how you guys are going to promote it, maybe anything you can tell us about what's in that package or the pricing around it?

然後是即時 - 新的即時電視產品，我想我們聽說過，或者你們已經談到了第三季度的發布，但是你能否給我們一些關於發布廣度的更多信息，你們將如何推廣它，也許你能告訴我們關於那個包裹裡有什麼或它周圍的價格？

Yes.

是的。

Sure, John.

當然，約翰。

So on the telcos side, it's mostly in terms of the shift, there's, again, this competitive cycle, it's the telephone companies being a little bit more aggressive on discounting.

所以在電信公司方面，主要是在轉變方面，再次，這個競爭週期，電話公司在折扣方面更加積極。

And again, we compete, we take it all seriously.

再一次，我們競爭，我們認真對待這一切。

We look at everything and don't take it for granted.

我們審視一切，不認為這是理所當然的。

So we do compete.

所以我們確實競爭。

But the adjustments we make are modest in nature, very targeted.

但我們所做的調整是適度的，非常有針對性。

And so we like again our position as I talked about before.

因此，我們再次喜歡我之前談到的立場。

And you connect that and sometimes you have a lot of new entrants coming in, so lot of sampling on the new folks over-the-top.

你把它聯繫起來，有時你會有很多新進入者進來，所以對新人的大量抽樣是多餘的。

But again, I talked about our video and broadband momentum.

但我再次談到了我們的視頻和寬帶發展勢頭。

On Instant TV, this is a program that we've been looking at to go after, primarily the segments that -- like millennials.

在 Instant TV 上，這是我們一直在尋找的一個節目，主要是像千禧一代這樣的細分市場。

This is not something that we'll do broad-based in terms of our approach to the market.

就我們的市場方法而言，這不是我們將廣泛開展的事情。

This is going to be very targeted, primarily digital in nature and how we do it.

這將是非常有針對性的，主要是數字化的，以及我們如何做到這一點。

We love our full video positioning with X1.

我們喜歡 X1 的完整視頻定位。

So we'll continue to compete aggressively with that.

因此，我們將繼續與它進行激烈的競爭。

But Instant TV gives us one more part of the portfolio to be able to go after different segments with.

但 Instant TV 為我們提供了產品組合的另一部分，讓我們能夠追求不同的細分市場。

So it will be fully launched towards the end of Q3 and will be part of our go-to-market approach.

因此，它將在第三季度末全面推出，並將成為我們上市方法的一部分。

Your next question comes from the line of Bryan Kraft with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Kraft。

Mike, I had, I guess, a housekeeping question first then I have one for Steve.

邁克，我想，我首先有一個家政問題，然後我有一個要問史蒂夫的問題。

The NBCU headquarters, other elimination OCF number was noticeably higher this quarter than it's been in the past.

NBCU 總部，其他淘汰 OCF 人數本季度明顯高於過去。

So just wanted to see if you can give us some color on that.

所以只是想看看你能不能給我們一些顏色。

Is it a new run rate more or less?

它或多或少是一個新的運行率？

Or is there something anomalous in the second quarter?

還是第二季度有什麼異常？

And then Steve, you had mentioned a moment ago the digital investments that you've made in Snap, BuzzFeed and Vox.

然後史蒂夫，你剛才提到了你對 Snap、BuzzFeed 和 Vox 的數字投資。

I was wondering if you could maybe elaborate on just how you're leveraging those investments at NBCU and how they fit into the broader strategy?

我想知道您是否可以詳細說明您如何在 NBCU 中利用這些投資以及它們如何融入更廣泛的戰略？

Thanks, Bryan, it's Mike.

謝謝，布萊恩，我是邁克。

So -- there's just some one-time choppiness in that number.

所以 - 這個數字只是一次性波動。

We can deal with -- give you more color offline if you like, but nothing that would affect the go-forward trends that you've seen before this quarter.

我們可以處理 - 如果您願意，可以離線為您提供更多顏色，但不會影響您在本季度之前看到的前進趨勢。

So when we make these digital investments, we actually call them beacon investments because we like to think that by investing in BuzzFeed or Vox or Snap, we are telling our employees and their employees that we really want to work together.

因此，當我們進行這些數字投資時，我們實際上稱它們為信標投資，因為我們喜歡認為通過投資 BuzzFeed、Vox 或 Snap，我們是在告訴我們的員工和他們的員工，我們真的很想一起工作。

So it's not a -- it's not a passive or inactive process.

所以這不是一個——它不是一個被動或非主動的過程。

So when we make the investment, we would sit down with the management teams of the various companies and try to identify half-dozen projects to work on.

因此，當我們進行投資時，我們會與各個公司的管理團隊坐下來，並嘗試確定六個要開展的項目。

And in each of those 3 companies, we've had very material projects succeed in the marketplace.

在這 3 家公司中，我們都有非常重要的項目在市場上取得成功。

Our most recent investment was Snapchat.

我們最近的投資是 Snapchat。

And we have a show called The Rundown, which is produced by E!, which is getting 5 to 10 million daily users which makes real money.

我們有一個名為 The Rundown 的節目，它由 E! 製作，每天有 5 到 1000 萬用戶，這是真正的賺錢。

We just launched a second product based on an NBC News, a 24-hour-a-day NBC News product, very unique, launched, I believe it was last week.

我們剛剛推出了基於 NBC 新聞的第二個產品，一個 24 小時全天候 NBC 新聞產品，非常獨特，我相信是上週推出的。

It's called Stay Tuned, and it's off to a very, very strong start.

它被稱為保持調諧，它有一個非常非常強大的開端。

And we've done similar things with BuzzFeed and Vox.

我們用 BuzzFeed 和 Vox 做了類似的事情。

And a big part of our job, I think, as the company gets more digital DNA into our company is to find digital investments with companies that we can learn from and get into business with as opposed to just making an investment.

我認為，隨著公司將更多的數字 DNA 帶入我們公司，我們工作的很大一部分是尋找與我們可以學習並開展業務的公司的數字投資，而不是僅僅進行投資。

So I think Vox, BuzzFeed and Snap are 3 great companies.

所以我認為 Vox、BuzzFeed 和 Snap 是 3 家偉大的公司。

We've learned a lot from them and we're better off for having made those investments.

我們從他們那裡學到了很多東西，而且進行這些投資會讓我們變得更好。

Your next question comes from the line of Brett Feldman with Goldman Sachs.

您的下一個問題來自 Brett Feldman 與 Goldman Sachs 的對話。

I realize it's still early days here with XFINITY Mobile, but I'll throw a couple of questions out and see what you're willing to share.

我意識到 XFINITY Mobile 還處於早期階段，但我會提出幾個問題，看看你願意分享什麼。

In terms of acquiring customers, what's working?

在獲取客戶方面，什麼是有效的？

Are you mostly leveraging interactions you would otherwise have on a normal basis?

您是否主要利用正常情況下的交互？

Is some of your outbound causing people to come to you?

您的某些出境活動是否會導致人們來找您？

Where are they coming from?

他們來自哪裡？

Which plans are most successful?

哪些計劃最成功？

And then the last one would be, is it hurting any of your other businesses, for example, is it actually cannibalizing residential voice?

然後最後一個問題是，它是否會損害您的其他業務，例如，它實際上是否會蠶食住宅的聲音？

So a lot in there but whatever you can do to help us gain some insight as to kind of what's working early on would be great.

那裡有很多東西，但無論你能做些什麼來幫助我們了解早期工作的類型，都會很棒。

You got it.

你說對了。

So a couple of -- it's way early as Brian said, but a couple of observations.

所以有幾個——正如布賴恩所說的那樣早，但有幾個觀察。

First off, it's operationally scaling well.

首先，它在運營上的擴展性很好。

Again, very early, but we are pleased with just, in general, as we have rolled this out across the footprint.

再說一次，很早，但總的來說，我們很高興，因為我們已經在整個足跡中推出了這個。

One thing that maybe what you're -- in terms of where the customers or how they're onboarding, about half of the customers are going through our digital channel, which is terrific.

一件事可能是你——就客戶的位置或他們的入職方式而言，大約一半的客戶正在通過我們的數字渠道，這太棒了。

So Greg Butz and his team have really done a terrific job and I think speaks to just how easy this experience is for customers.

因此，Greg Butz 和他的團隊確實做得非常出色，我認為這說明這種體驗對客戶來說是多麼容易。

And not only is it easy to onboard, but as Brian said, it's really easy to manage your service on an ongoing basis, where one of the only ones that you can go back and forth literally with a click of a button and you can change your By the Gig to unlimited and back and forth.

而且不僅很容易上手，而且正如布賴恩所說，持續管理您的服務真的很容易，您只需單擊一個按鈕就可以來回切換，您可以更改您的 By the Gig 無限來回。

So it's a really extraordinary digital experience.

所以這是一次非常非凡的數字體驗。

And so we are pleased with that.

所以我們對此感到高興。

The other observation early on is that there's real value By the Gig.

早期的另一個觀察是 Gig 具有真正的價值。

We have -- most of our customers are taking By the Gig versus unlimited.

我們有 - 我們的大多數客戶都在使用 By the Gig 而不是無限的。

So yes, we can do both.

所以是的，我們兩者都可以。

And the partnership of Verizon is going well.

Verizon 的合作進展順利。

And so early response too from customers extremely positive.

因此，客戶的早期反應也非常積極。

They like the service.

他們喜歡這項服務。

They like the value.

他們喜歡價值。

They like just how easy this is.

他們喜歡這是多麼容易。

And so in regards to -- I think, it's quite frankly, there's an opportunity to go the other way, especially as we leverage our existing retail capabilities and digital capabilities.

所以關於 - 我認為，坦率地說，有機會走另一條路，特別是當我們利用我們現有的零售能力和數字能力時。

I think mobile is an opportunity to expand consideration for other products.

我認為移動是擴大對其他產品的考慮的機會。

And while there may be some -- a little bit of focus whether it's packaging around wireline voice, I think it gives us an opportunity to talk about everything that we do.

雖然可能有一些 - 無論是圍繞有線語音打包，我認為它讓我們有機會談論我們所做的一切。

So we're really encouraged about our early-stage retail launches where we see that happening.

因此，我們對我們看到這種情況的早期零售發布感到非常鼓舞。

So real pleased with the early results.

對早期的結果非常滿意。

Your next question comes from the line of Kannan Venkateshwar with Barclays.

您的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Just one question for me, which is on the CapEx line.

對我來說只有一個問題，即資本支出線。

We've seen scalable infrastructure and line extensions growth -- grow quite substantially over the last year or so.

我們已經看到可擴展的基礎設施和線路擴展的增長——在過去一年左右的時間裡增長相當大。

Could you just talk about what's exactly in that line?

你能談談那條線上的具體內容嗎？

And is this driven by fiber?

這是由光纖驅動的嗎？

Or is there some other focus in those lines right now?

或者現在在這些方面還有其他關注點嗎？

Kannan, It's Mike.

卡南，是邁克。

So I'll start again on X1.

所以我將在 X1 上重新開始。

So scalable infrastructure, think about us adding capacity and speed to our network generally in things like Cloud DVRs and alike as we see greater usage of our network.

如此可擴展的基礎設施，考慮我們在雲 DVR 等方面為我們的網絡增加容量和速度，因為我們看到我們的網絡得到更多使用。

We are investing to keep the experience ahead of our customer expectations.

我們正在投資以使體驗領先於客戶的期望。

And so that's what you would see in those -- in that CapEx line.

這就是你會在那些資本支出線中看到的。

And we've said repeatedly we want to continue to invest in that broadband network for the future we see for the business.

我們一再表示，我們希望為我們看到的業務未來繼續投資該寬帶網絡。

In terms of line extensions, that's connecting more addresses to our networks.

就線路擴展而言，這將更多地址連接到我們的網絡。

And so that's largely led by business services.

所以這主要是由商業服務主導的。

And pushing the business services is obviously a high-growth business, some of the hyperbuilds we talk about, that's -- the growth in line extensions is driven by that.

推動業務服務顯然是一項高增長的業務，我們談論的一些超構建，就是——產品線擴展的增長是由它驅動的。

Your next question comes from the line of Mike McCormack with Jefferies.

您的下一個問題來自 Mike McCormack 和 Jefferies。

Dave, maybe just a comment on the commercial opportunity and what you're seeing as far as moving upstream into maybe bigger enterprises.

戴夫，也許只是對商業機會的評論，以及你所看到的向上游移動到可能更大的企業的情況。

And then also a comment perhaps on 5G, what you're seeing out there as far as whether it's a risk or opportunity for you guys?

然後還有一個關於 5G 的評論，你們看到的對你們來說是風險還是機會？

Sure.

當然。

So I think it's -- the larger business services opportunity is enterprise.

所以我認為它是——更大的商業服務機會是企業。

It's upside for us.

這對我們有利。

Currently we're -- within in our footprint, we're at less than 5% of the overall revenue opportunity.

目前，在我們的足跡範圍內，我們佔總收入機會的比例不到 5%。

So what we're seeing, I think, is solid cooperation with the cable operators and really helping large businesses that have local offices throughout the country.

因此，我認為，我們所看到的是與有線電視運營商的穩固合作，並真正幫助在全國各地設有當地辦事處的大型企業。

So I think it's a -- so far, we are real pleased with our progress.

所以我認為這是一個 - 到目前為止，我們對我們的進展感到非常滿意。

A lot of very -- the premier accounts that have jumped onboard.

很多非常 - 已經加入的主要客戶。

Again, early innings on this one, too, but we are pleased, and I think there is upside there.

同樣，這也是早期的一局，但我們很高興，我認為那裡有好處。

On 5G, yes, we are testing it.

在 5G 上，是的，我們正在測試它。

We are looking at it.

我們正在研究它。

I've commented before that it's something that I think will evolve and take a while.

我之前評論過，我認為它會發展並需要一段時間。

It's not something that will be immediate.

這不是立即發生的事情。

But we'll look at as closely as everybody else from our vantage point.

但我們會從我們的有利位置和其他人一樣仔細地觀察。

There's work to do there, but we'll stay very close to that.

那裡有工作要做，但我們會非常接近。

I continue to believe that it's an opportunity for the mobile providers to enhance their mobile data service.

我仍然相信，這對移動供應商來說是一個增強其移動數據服務的機會。

But in regards to any other implications, way too early.

但就任何其他影響而言，還為時過早。

Our final question comes from the line of Vijay Jayant with Evercore ISI.

我們的最後一個問題來自與 Evercore ISI 的 Vijay Jayant。

Brian, you've been talking about innovation and differentiation in the marketplace that Comcast is trying to lead on.

布賴恩，你一直在談論康卡斯特試圖引領市場的創新和差異化。

We are pretty close to the end of the consent decree on NBC.

我們非常接近 NBC 的同意法令的結束。

And obviously, you've had some synergies over the asset.

顯然，您對資產產生了一些協同作用。

Can you just talk about what that end could do in sort of leapfrogging that innovation and differentiation?

你能談談這個目標在超越創新和差異化方面能做些什麼嗎？

So let me just start by saying that I'm very pleased of the organization for we complied and in many cases exceeded all the requirements that were placed on us.

因此，讓我首先說我對組織感到非常高興，因為我們遵守並且在許多情況下超出了對我們提出的所有要求。

And I think it will be less of an administrative burden for sure when the consent decree ends, but we have a great momentum, and I think, hopefully, we'll look forward, we won't look back.

我認為，當同意令結束時，行政負擔肯定會減少，但我們有很大的勢頭，我認為，希望我們會向前看，我們不會回頭。

I don't have a specific answer for you probably today, in that regard.

在這方面，我今天可能沒有具體的答案。

But I do think we've executed really well in the past.

但我確實認為我們過去的表現非常好。

So I don't want to say anymore about the consent degree as we get toward the end of it.

因此，當我們接近尾聲時，我不想再談論同意程度。

But I will say that the 2 companies work really well together.

但我會說這兩家公司合作得非常好。

And one of the themes that this will probably allow that to even continue and maybe increase in the future is just how well the culture of the company is Comcast, NBCUniversal, I'm really pleased and proud of that.

這可能會讓這種情況繼續下去，甚至可能在未來增加，其中一個主題就是康卡斯特、NBCUniversal 的公司文化有多好，我對此感到非常高興和自豪。

And I think that the results that we just talked about the last hour, I think, demonstrate that.

我認為我們在上一小時剛剛談到的結果證明了這一點。

So onward we go, we'll see you next quarter.

所以我們繼續前進，我們下個季度見。

Thank you all very much.

非常感謝大家。

Okay, thank you.

好的謝謝。

Regina, back to you.

里賈納，回到你身邊。

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, August 3, at midnight Eastern Time.

它將持續到東部時間 8 月 3 日星期四午夜。

The dial-in number is (855) 859-2056 and the conference ID number is 39307493.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 39307493。

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 participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。