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. (Operator Instructions)

女士們、先生們，早安，歡迎參加康卡斯特2017年第二季財報電話會議。（操作說明）

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

現在我將把電話轉交給投資者關係高級副總裁傑森阿姆斯壯先生。請繼續，阿姆斯壯先生。

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke and Dave Watson. Brian and Mike will make formal remarks, and Steve and Dave will also be available for Q&A.

謝謝接線員，歡迎各位。今天早上和我一起參加電話會議的有布萊恩羅伯茲、麥克卡瓦納、史蒂夫伯克和戴夫沃森。Brian 和 Mike 將發表正式講話，Steve 和 Dave 也將出席並回答問題。

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. In addition, in this call, we will refer to certain non-GAAP financial measures. Please refer to our 8-K for the reconciliation of non-GAAP financial measures to GAAP.

像往常一樣，現在請大家參閱第 2 張投影片，其中包含我們的安全港免責聲明，並提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格。

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

接下來，我將把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thank you, Jason, and good morning, everyone. We had an excellent second quarter with revenue and EBITDA both increasing by 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. NBCUniversal's results stood out with EBITDA increasing by over 20% for the second consecutive quarter, reflecting strong contributions from all parts.

謝謝你，傑森，大家早安。我們第二季業績非常出色，營收和 EBITDA 均成長了 10%。這是一個非常好的結果，這得益於我們所有業務的全面成長勢頭，也使我們上半年的 EBITDA 成長率達到了 6 年來的最高水準。NBCUniversal 的業績表現突出，其 EBITDA 連續第二季成長超過 20%，反映出各個業務部門的強勁貢獻。

So let me break this down by business, starting with Theme Parks, which had another outstanding quarter of double-digit EBITDA growth. This quarter included the opening of our exciting new water theme park, Volcano Bay in Orlando. 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.

那麼，讓我按業務來分析一下，首先是主題公園，該業務又迎來了一個出色的季度，EBITDA 實現了兩位數的成長。本季我們令人興奮的新水上主題樂園——奧蘭多火山灣——正式開幕。就我個人經驗而言，這裡確實非同凡響，從創新的可穿戴技術到令人驚嘆的景點，包括從火山頂上驚險刺激的 125 英尺滑梯。

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. 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.

在日本，我們的時機把握得非常好，我們對收購日本環球影城剩餘的 49% 股份感到無比滿意，最近推出的小小兵主題樂園也遠遠超出了我們早期的預期。該地區對我們來說具有巨大的潛力，我和邁克·卡瓦納以及負責公園業務的湯姆·威廉姆斯剛剛結束了中國之行，我們仍然熱情高漲地希望在北京打造一個壯觀的主題公園。

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. 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.

在電影方面，我們繼續看到影院上映取得成功。 《玩命關頭8》創下了全球首映票房新紀錄，成為史上第六部國際票房突破10億美元的電影，也是環球影業有史以來票房第三高的電影。克里斯梅勒丹德利的創作才華在《神偷奶爸3》中再次充分展現。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，並在中國創下了動畫電影首映票房的最高紀錄。

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成果歸功於管理團隊出色地執行了以特許經營為中心的策略，以及全球行銷和分銷工作。

In our TV businesses, our strategy to market and monetize NBCUniversal's unified portfolio of networks under one umbrella is working really well. On the distribution side, affiliate fees and retransmission fees continue to fuel good momentum. Our upfront performance proves that advertiser demand for high-quality TV content is really solid. 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. We think we had the most successful upfront of any one in the industry.

在我們的電視業務中，我們將 NBCUniversal 旗下所有電視網絡統一起來進行市場推廣和盈利的策略非常有效。在分銷方面，加盟費和轉播費繼續推動良好的成長動能。我們前期的業績證明，廣告主對高品質電視內容的需求非常強勁。在預售期間，我們的 CPM 實現了接近兩位數的成長，這證明了我們在 NBC 廣播公司、Telemundo 和我們的有線電視網絡播出的大型活動的強大影響力。我們認為，我們的預售活動是業界最成功的。

During the second quarter, NBC Broadcast gained share from its peers helped by summer hits, including World of Dance, the #1 new entertainment series. NBC remains on track to win the 52-week season for the fourth consecutive year and by a substantial margin.

第二季度，NBC 廣播公司憑藉夏季熱門節目（包括排名第一的新娛樂系列節目《舞林爭霸》）從同行手中奪取了市場份額。NBC 仍有望連續第四年贏得為期 52 週的收視率冠軍，並將以較大優勢獲勝。

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

在有線電視網方面，MSNBC 是一大亮點，其黃金時段收視率在第二季度同比增長近 80%。

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

現在轉向有線通訊。我們球隊的表現一直非常穩定，第二季也不例外。我們的業績再次證明了我們平衡發展獲利成長的策略，我們實現了 EBITDA 5.4% 的健康成長，同時也新增了 114,000 個淨客戶關係。

Since taking the reins in April, Dave Watson has done a terrific job and the transition has been seamless. We are confident our team has the right strategy focusing on improving service with strong EBITDA growth and customer momentum.

自從四月接任以來，戴夫·沃森的工作非常出色，過渡過程也十分順利。我們相信，我們的團隊擁有正確的策略，專注於透過強勁的 EBITDA 成長和客戶成長動能來改善服務。

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.

我們正在投資創新，實現產品差異化和客戶細分，重點是 X1 平台和我們最近推出的面向家庭寬頻的 xFi 體驗，以及我們正在持續推廣 DOCSIS 3.1，以實現我們覆蓋區域內的千兆速度。

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. In the second quarter, we reduced customer calls handled by our agents by over 3 million year-over-year. We also increased the percentage of customer interactions completed digitally by double digits year-over-year.

此外，我們始終堅持以客戶服務為中心，力求一次性把事情做好，並將越來越多的互動轉移到數位化，從而為客戶帶來更好的體驗，並降低成本。第二季度，我們的客服人員處理的客戶來電數量比去年同期減少了 300 多萬通。我們也實現了客戶互動數位化完成比例的兩位數年成長。

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.

展望第二季之後，我們看到有線電視業務有很多持續成長的機會，寬頻業務還有很大的發展空間，商業服務業務也有強勁成長，我們差異化的視訊業務方法帶來了誘人的機會，XFINITY Home 等新產品也具有成長潛力，所有這些服務都得益於不斷提升的數位服務體驗。

We are also excited about the prospects for XFINITY Mobile, which we launched to customers in the middle of the second quarter. While it's still early days, the customer feedback confirms our belief that we have an attractive proposition in the market. 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.

我們對 XFINITY Mobile 的前景也感到非常興奮，我們在第二季中期向客戶推出了這項服務。雖然現在還處於早期階段，但客戶的回饋證實了我們的想法，即我們在市場上擁有一個有吸引力的產品/服務。我們差異化的產品和服務引起了用戶的共鳴，包括按流量計費的數據選項，以及客戶可以自由組合和輕鬆切換兩種套餐的功能，此外還包括 5 條線路以及便捷的數位體驗。

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

總而言之，今年上半年表現出色，許多優秀企業都取得了非常好的成績。我為我們所取得的成就感到自豪，包括 10% 的 EBITDA 成長，我們擁有堅實的基礎，可以以此為基礎在今年餘下的時間裡以及未來繼續發展。

Mike, over to you.

麥克，該你了。

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

謝謝你，布萊恩，大家早安。讓我們從第 4 張投影片開始。正如布萊恩剛才所說，我們第二季的業績非常強勁。合併後，營收成長9.8%，調整後EBITDA成長10%，每股盈餘成長26.8%至0.52美元，本季自由現金流為22億美元。

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

現在讓我們深入了解各個業務，首先從第 5 張投影片中的有線通訊公司開始。有線通訊公司的收入成長了 5.5%，達到 131 億美元，這主要得益於住宅高速網路和視訊以及商業服務的成長。在我們的住宅業務中，本季新增淨客戶關係 77,000 個，比去年同期成長 6.4%，影片和高速資料流失率均維持在 10 多年來的最低水準。我們對這些結果以及我們在本季度應對更加激烈的市場競爭的能力感到滿意。OTT視訊領域湧現許多新玩家，促使現有競爭對手採取激進的價格策略，這些策略涵蓋多種產品。

We continue to believe in our ability to compete effectively. First, we have innovative products, including best-in-class broadband and a great video experience with X1. Second, we successfully bundle our services together, with 70% of our residential customer base taking at least 2 products. In addition, we focus on market segmentation, packaging our products to be competitive to multiple customer segments. And importantly, we are making continuous improvements to our customer service.

我們依然相信自己有能力有效參與競爭。首先，我們擁有創新產品，包括一流的寬頻和X1帶來的出色視訊體驗。其次，我們成功地將各項服務捆綁在一起，70% 的住宅客戶購買了至少 2 件產品。此外，我們注重市場細分，將產品包裝，使其在多個客戶群中具有競爭力。更重要的是，我們正在不斷改進客戶服務。

High-speed Internet continues to be the largest contributor to overall cable revenue growth. Revenue increased 9.2% to $3.7 billion in the quarter driven by an increase in our residential customer base and rate adjustments. 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. We consistently increase our speeds and nearly 55% of our residential customers take speeds of 100 megabits per second or higher. 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.

高速網路仍然是有線電視總收入成長的最大貢獻者。本季營收成長 9.2% 至 37 億美元，主要得益於住宅客戶群的成長和費率調整。本季我們新增了 14 萬戶住宅高速網路用戶，我們將繼續專注於透過提升容量、覆蓋範圍和功能來增加價值並進一步增強我們的競爭優勢。我們不斷提高網速，近 55% 的住宅用戶網速達到或超過每秒 100 兆位元。我們透過部署 DOCSIS 3.1 提供千兆速度，並計劃在年底前讓大多數經過我們檢測的家庭都能使用這項技術。

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

此外，我們最近也推出了 xFi，這是一個全新的家庭 WiFi 平台，可為客戶帶來最快的速度、最佳的 WiFi 覆蓋範圍和極致的家庭控制體驗，讓 WiFi 成為更好的體驗。正如布萊恩所提到的，我們在增加寬頻用戶方面還有很長的成長空間。

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. 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. 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.

本季影片營收成長 3.9% 至 58 億美元，主要原因是價格調整以及客戶訂閱了更多服務。本季我們淨流失了 45,000 名住宅視訊用戶，這既反映了典型的第二季季節性因素，也反映了我之前提到的競爭動態。我們繼續加強對 X1 的推廣力度，本季末，55% 的住宅視訊客戶擁有 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. We added 37,000 business customer relationships. 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. In addition, we increased revenue per business customer relationship by 4%, which reflects good momentum in our Ethernet and advanced voice services.

商業服務業務在本季再次實現兩位數的強勁成長，營收成長 12.6% 至 15 億美元，主要得益於客戶成長。我們新增了 37,000 個企業客戶關係。就單一產品而言，本季我們新增了 11,000 名視訊使用者、35,000 名高速網路使用者和 27,000 名語音使用者。此外，我們每個企業客戶關係的收入成長了 4%，這反映出我們的乙太網路和高級語音服務發展勢頭良好。

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. Programming expenses increased 12% during the quarter and on a year-to-date basis, reflecting the timing of contract renewals. 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. Notably, customer service expenses declined 1.1% this quarter, even as we grew our customer relationships by 3.2%.

翻到第 6 張投影片。第二季有線通訊公司的 EBITDA 成長 5.4% 至 53 億美元，利潤率為 40.5%，比 2016 年第二季下降 10 個基點。本季及年初至今，節目製作費用增加了 12%，反映了合約續約的時間表。由於我們在客戶體驗計劃方面的投資以及整體上嚴格的成本管理，本季非專案支出增加了 1.4%。值得注意的是，儘管我們的客戶關係成長了 3.2%，但本季客戶服務支出卻下降了 1.1%。

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. 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. As we look forward, we now expect the full year 2017 EBITDA margin to be flat compared to 2016, which was 40.2%. The improvement relative to our original guidance from earlier this year is equally split between programming and nonprogramming expenses.

儘管節目製作費用成長率較高，但我們今年迄今的 EBITDA 利潤率為 40.4%，與 2016 年同期相比提高了 10 個基點。這項改善得益於高利潤率服務（如高速網路和商業服務）的成長，以及非節目製作費用成長率的降低。展望未來，我們預計 2017 年全年 EBITDA 利潤率將與 2016 年持平，2016 年的利潤率為 40.2%。與我們今年稍早的原始預期相比，此次改善在節目製作費用和非節目製作費用之間各佔一半。

Now let's move on to NBCUniversal's results. On Slide 7, you can see NBCUniversal's revenues increased 17% and EBITDA increased 23% in the quarter. 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.

現在我們來看看NBC環球的業績。從第 7 張投影片可以看出，NBCUniversal 的營收在本季成長了 17%，EBITDA 成長了 23%。這些強勁的業績得益於票房的成功、轉播費和附屬費的健康成長以及主題樂園的持續強勁成長。

Cable Networks delivered another quarter of strong growth with revenue increasing 5.1% and EBITDA up 11.7% to $1.1 billion. While advertising revenue was down 1% this quarter, distribution revenue increased 8.1%, driving double-digit EBITDA growth. 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.

有線電視網路業務又實現了強勁成長，營收成長 5.1%，EBITDA 成長 11.7% 至 11 億美元。雖然本季廣告收入下降了 1%，但分銷收入成長了 8.1%，推動 EBITDA 實現了兩位數的成長。請記住，我們已成功續簽了多項分銷協議，這應該會在今年剩餘時間內繼續為健康的 EBITDA 成長做出貢獻。

Broadcast Television also delivered a solid quarter with revenue increasing 5.3% and EBITDA growth of 5.5% to $416 million. This growth was primarily driven by higher retransmission consent fees, which increased nearly 65% to $363 million. 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.

廣播電視業務本季表現穩健，營收成長 5.3%，EBITDA 成長 5.5% 至 4.16 億美元。這一成長主要由更高的轉播許可費推動，該費用增加了近 65%，達到 3.63 億美元。廣告收入小幅下降 1%，部分抵消了這一成長，這反映了本季收視率的壓力、更高的節目製作費用以及增加的行銷投資。

Film had a phenomenal quarter with revenue increasing 60% and EBITDA growing by $229 million to $285 million. 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. Home entertainment revenue increased 43% due to the continued success of earlier titles, including Fifty Shades Darker and Sing. Last, content licensing revenue grew 14%, reflecting the inclusion of DreamWorks.

電影業務本季表現驚人，營收成長了 60%，EBITDA 成長了 2.29 億美元，達到 2.85 億美元。電影票房收入增加了 5.4 億美元，達到 8.37 億美元，這主要得益於《玩命關頭8》的強勁票房表現，足以彌補《木乃伊》的票房不佳。由於《五十度黑》和《歡樂好聲音》等早期影片的持續成功，家庭娛樂收入成長了 43%。最後，內容授權收入成長了 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. These results reflect higher attendance and per capita spending as well as a favorable comparison from the timing of spring break vacations. 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. 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.

主題樂園業務持續保持成長勢頭，第二季營收成長 15.6%，EBITDA 成長 17.3%，達到 5.51 億美元。這些結果反映出更高的入學率和人均消費，以及與春假假期時間相比的有利差異。提醒一下，今年的春假和復活節假期是在第二季度，而去年是在第一季度，因此本季的比較基數較大。然而，即使考慮到時間因素，本季 EBITDA 仍將實現兩位數增長，因為我們將繼續受益於好萊塢的哈利波特主題公園以及布萊恩提到的新景點——奧蘭多火山灣和日本小小兵公園的推出。

Now let's move to Slide 8 to review our consolidated and segment capital expenditures. Consolidated CapEx increased 2.5% to $2.3 billion in the second quarter. At Cable Communications, capital expenditures increased 4% to $2 billion for the quarter, resulting in capital intensity of 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. 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.

現在讓我們翻到第 8 張投影片，回顧一下我們的合併和分部資本支出。第二季綜合資本支出成長2.5%，達23億美元。Cable Communications 的資本支出在本季成長了 4%，達到 20 億美元，資本密集度為 14.9%。預計全年資本密集度將與 2016 年持平，約為有線通訊總收入的 15%。本季支出增加反映出對可擴展基礎設施的投資水準提高，以增加網路容量和增加線路擴展的投資，但部分被客戶駐地設備支出減少所抵銷。

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

NBC環球第二季資本支出下降6.1%至3.38億美元，反映出我們對主題樂園的持續投資，但房地產和總部支出的時間安排抵消了這一影響。我們仍預計，NBC環球全年的資本支出將比2016年成長約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. 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. We continue to expect to repurchase a total of $5 billion of our common shares this year.

現在來看第 9 張投影片。正如我之前提到的，本季我們產生了 22 億美元的自由現金流，年初至今產生了 53 億美元。第二季我們向股東返還的資本包括支付股利 7.47 億美元，成長 11.6% 以及回購股票 14 億美元。我們仍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.

就槓桿率而言，我們本季末的淨槓桿率為 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 億美元的價格完成了對日本環球影城剩餘 49% 股份的收購。

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.

在本季結束後，我們收到了 4.82 億美元的收益，這與我們先前宣布放棄紐約、費城和芝加哥指定市場區域的 FCC 頻譜許可證有關。

So that concludes our summary of the quarter. We are clearly very pleased with our continued strong performance as well as our momentum. Now I'll turn it back to Jason to lead the Q&A.

以上就是本季的總結。我們對我們持續強勁的業績和發展勢頭感到非常滿意。現在我將把問答環節交還給傑森。

Thank you, Mike. Regina, let's open up the call for Q&A, please?

謝謝你，麥克。Regina，我們開始問答環節吧？

(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. Brian, you specifically said in your prepared remarks you see a significant runway for the data business. And I'd love to hear from you and from Dave what gives you confidence in that. How do you think about driving market share gains further from here? 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? 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? 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?

我想問你目前兩大爭論點的問題，一個是寬頻發展前景，另一個是付費電視生態系統。布萊恩，你在事先準備好的演講稿中特別提到，你認為數據業務有很大的發展空間。我很想聽聽你和戴夫的意見，是什麼讓你們對此充滿信心。您認為如何才能進一步擴大市場佔有率？對於xFi的市場反響，以及除了速度之外，你們在產品方面所做的其他努力，以繼續鞏固你們在市場上的優勢並隨著時間的推移發展業務，您有什麼想說的嗎？然後，在影片方面，史蒂夫，你覺得怎麼樣？隨著這些新進者進入市場，你的有線電視網路的用戶成長情況如何？顯然，整個行業都面臨著很大的壓力，但我很好奇您是如何看待這些新興串流媒體套餐對貴公司業務的影響的？

Okay. Well, thank you, and good morning. So first big comment would be that we're performing well in broadband. 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. I think our product is better. 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. It's that innovation and that culture of every month the product gets better. So we have a whole team of people who are trying to be more than just we're getting faster and better. But again, Dave, why don't you jump in and Steve can talk about the video. 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. It's great momentum.

好的。謝謝，早安。首先要說的是，我們在寬頻領域表現良好。如果你看看我們和所有已經公佈業績的競爭對手，你會發現我們實現了增長，持續增長，我們預計這種增長勢頭將在今年餘下的時間裡持續下去，並希望在未來幾年也能如此，這就是我們發表這一聲明的原因。我認為我們的產品更好。所以，戴夫正在做的，就讓他來談談吧，正如你提到的，我們正在將一些我們帶到視頻領域的創新應用到視頻領域，這也是為什麼與市場相比，我們在過去幾年裡視頻領域的業績相當強勁的原因。正是這種創新精神和每個月產品不斷改進的文化。所以我們有一個團隊，他們努力的目標不僅僅是變得更快更好。不過，戴夫，不如你插句話，讓史蒂夫來談談影片。但話說回來，我認為從公司整體來看，我們的執行力確實比許多人認為這類企業能夠做到的要好，所以我認為這種勢頭會在未來繼續下去。勢頭強勁。

Yes, Ben. So as Brian said, there is significant runway ahead in broadband. And the key to me when you look at this is the upside of the opportunity. We're sitting at 45% penetration right now. So there is growth just there. The overall market is growing with only 75% of households subscribing to Internet access. And -- so mostly, from our position, it's the innovation that Brian is talking about. We like our formula. We deliver very fast, reliable service. And the focus, the shift that we've had around innovation is around WiFi in the home. Key for us is staying ahead of competition with speeds, capacity, coverage and capability. And xFi is a good example of that. I think we deliver on all these points. With xFi, you get fantastic wireless gateways. We're just introducing a new advanced wireless gateway that can get you up to 1 gig WiFi speed. So it delivers great coverage in the home. 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. So I think when you add it all up, we like our position. There could be continued innovative focus around the broadband category, but we have good momentum.

是的，本。正如布萊恩所說，寬頻領域還有很大的發展空間。對我來說，關鍵在於看到這個機會帶來的好處。我們目前的滲透率是 45%。所以，那裡確實存在著成長。儘管只有 75% 的家庭訂購了網路服務，但整體市場仍在成長。所以——從我們的角度來看，布萊恩所說的創新主要就是創新。我們喜歡我們的模式。我們提供快速可靠的服務。而我們圍繞創新所做的調整與關注點，就是家庭 WiFi。對我們來說，關鍵在於在速度、容量、覆蓋範圍和效能方面保持領先於競爭對手。xFi 就是一個很好的例子。我認為我們在以上所有方面都做到了。使用 xFi，您可以獲得出色的無線網關。我們剛剛推出了一款全新的高級無線網關，可為您提供高達 1Gbps 的 WiFi 速度。因此，它在家中能提供良好的覆蓋範圍。它首次解決了客戶的痛點之一，即能夠連接家中越來越多的無線設備，並讓您在家中輕鬆管理所有這些設備。所以我覺得綜合所有因素來看，我們對目前的處境感到滿意。寬頻領域可能會繼續保持創新勢頭，但我們目前發展勢頭良好。

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. They've all launched, they have subscribers. We have deals in place with all of them, they are actually very favorable. So if from a NBCUniversal point of view someone goes to an over-the-top provider, it's actually slightly better. But it's a very tough business. 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. In terms of overall subscriber trends, they are about the same as they have been. No speed up or slow down in the modest subscriber losses that we've seen over the last few years.

所以，目前為止推出的這些過度服務，其效果正如我們預期的那樣，那就是——它們對我們的業務來說並不那麼重要。它們都已經上線，也都有訂閱用戶了。我們與他們所有人都達成了協議，而這些協議實際上非常有利。所以從 NBCUniversal 的角度來看，如果有人選擇 OTT 服務供應商，實際上情況會稍微好一點。但這行生意很難做。正如我們之前所說，我們懷疑它能否成為一個規模龐大或盈利豐厚的企業，而且它的起步速度也相對緩慢。就整體訂閱用戶趨勢而言，與以往基本持平。過去幾年我們看到的用戶流失速度一直維持在適度的範圍內，沒有加快也沒有放緩。

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

你的下一個問題來自 Craig Moffett 和 Moffett Nathanson 的行列。

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

布萊恩，我想，大家最關心的問題似​​乎是，幾乎每天都會有新一輪的猜測，說你下一個夥伴會是誰？或者你可能會收購誰、跟誰合併等等？我想知道您能否退後一步，從策略角度談談您現有的資產，以及您認為接下來可能會在哪些方面（如果有的話）增加投資組合？

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. So I guess, a chance to be even more clear. While -- yes, we always look at the world around us and we do our jobs frankly in looking at opportunities. We love our business. I mean, look at this quarter, 10% cash flow growth, 10% revenue growth. Every one of the business is performing well. So I don't see anybody quite doing that, frankly, in our space quarter-after-quarter, by the way, not just one movie. And I think, I've said, and I think we've said in multiple forums, that we really feel we are not missing anything. 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. And our strategy of MVNO, we really like what we are doing. And just it's very, very early with XFINITY mobile. And our early employee results and our first set of customers really improves a lot of the things we hope it would improve. 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. 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. And cable, Dave just talked about it, it's fantastic strategy. I think we have a really special company, and I wouldn't want to do anything to change that.

謝謝，也感謝您以如此寬泛的方式提出這個問題，在我看來，這使得——我認為我們上個季度已經非常清楚了。所以我想，這是一個把話說得更清楚的機會。是的，我們總是關注周圍的世界，坦白說，我們的工作就是尋找機會。我們熱愛我們的事業。我的意思是，看看這個季度，現金流成長了 10%，營收成長了 10%。所有業務部門的業績都很好。坦白說，我認為在我們這個領域，每季都做到這一點的人並不多，而且不僅僅是一部電影。而且我認為，正如我之前所說的，我們也曾在多個場合說過，我們真的覺得我們沒有錯過任何東西。所以，我想專門談談無線技術，我認為這已經隱含在你的問題中了，我無意冒犯無線技術，它確實是一個競爭激烈的行業。我們非常滿意我們正在做的MVNO策略。XFINITY行動業務目前還處於非常非常早期的階段。我們早期員工的表現和第一批客戶的回饋確實改善了我們希望改善的許多方面。這將是一條漫長的道路，而且——但我並不認為那個行業會發生一些讓我們羨慕他們——的事情，讓我們擁有我們今天所沒有的地位。所以，在我們繼續專注於我們所擁有的資源的同時，如果你看看內容的組合，你會發現這不僅僅是為了內容而內容，我認為組建一支優秀的團隊，讓 NBC 佔據第一的位置，讓 Telemundo 真正蓬勃發展，我們將迎來體育賽事蓬勃發展的一年，屆時將有眾多重大賽事。還有有線電視，戴夫剛才也談到了，這真是個絕妙的策略。我認為我們擁有一家非常特別的公司，我不想做任何事來改變這一點。

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

你的下一個問題來自富國銀行的 Marci Ryvicker。

Two questions first on the cable side. We've seen the subscriber results from AT&T and Verizon. And I think FiOS and your subs were better than expected. 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? And then second on the NBCU side, Steve, as you said, the upfront was really successful. Do you think this represents true underlying demand? Or do you think it's just ad dollars being pulled forward so there might be less demand in scatter?

首先問兩個關於電纜方面的問題。我們已經看到了AT&T和Verizon的用戶訂閱量數據。我覺得FiOS和你們的訂閱服務比預期的還要好。所以我想問的是，你覺得在什麼情況下必須對此做出回應，無論是促銷還是降低整體價格？其次，史蒂夫，就NBCU而言，正如你所說，預售會非常成功。你認為這能代表真實的潛在需求嗎？還是你認為這只是廣告資金提前到位，所以散列式廣告的需求可能會減少？

Let me start, Marci, this is Dave. So we go through competitive cycles with all sorts of providers, not the least of which the telephone companies. So we're very accustomed to moments where they discount a bit more. Our focus is to stay disciplined around delivering the best products. We put them in packages that work for customers. And so whether it's X1, just talked about broadband, those are the keys. We always compete. And we always segment. We always go after different market segments and making sure we are competitive for each of those. So we do tweak our go-to-market approaches. We've been doing that for a long time. 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.

瑪茜，我先來，這位是戴夫。因此，我們會與各種供應商競爭，其中就包括電話公司。所以我們已經非常習慣他們會稍微多給一些折扣的情況了。我們的目標是保持嚴謹的工作作風，並力求提供最好的產品。我們將它們打包成適合客戶使用的形式。所以，無論是 X1，還是剛才提到的寬頻，這些都是關鍵。我們之間一直存在著競爭。我們總是進行細分。我們始終瞄準不同的細分市場，並確保在每個細分市場中都具有競爭力。因此，我們會調整市場推廣策略。我們一直以來都是這麼做的。所以我認為我們的方法並沒有什麼實質的不同，我們將繼續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. David's been doing this for us for 20 years now or more and has seen it all. 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. 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. And I think that's what we're going to try to do in the future.

我只想補充一點。大衛為我們做這件事已經20多年了，我什麼都看過了。我喜歡他的領導風格，以及他之前的尼爾——你今天會看到很多結果，分析師們今天很忙，我們對所有同一天發布財報的公司表示同情。我不知道你是否能看到訂閱用戶數量、收入成長和現金流方面的改善，而這正是戴夫的領導和他的團隊試圖經營公司的方式，即在兩者之間取得平衡。我認為這就是我們未來要努力的方向。

So regarding the upfront, it was a -- I think it was a pretty good upfront for the television business in general. It was a particularly good upfront for us. We went into the upfront with NBC ahead. If you take out the Super Bowl at Fox, we were 20% ahead in terms of prime-time ratings of anybody else. Brian mentioned Telemundo but we also had a strength at MSNBC, cable strength sports. 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. We've gone first the last few years in the upfront. And that yielded, I think, a greater result than was the typical result. 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. We think we led the market in terms of broadcast by a few points and cable was at the high end of the range. We've been talking over the last 6 years or so about a monetization gap. We think every year we are chipping away at that and we've closed a lot of the monetization gap. In terms of did we pull demand forward? I don't think so. 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. And all the signs we see more recently than the upfront point to continued strength in the advertising market. And we are doing well in terms of our advanced sales on the Super Bowl and the Olympics and everything else. So I think we feel pretty confident.

所以就預售情況而言，我認為——就整個電視行業來說，這是一個相當不錯的預售情況。這對我們來說是一個非常好的開局。我們先於NBC參加了預售會。如果把福克斯電視台的超級盃收視率排除在外，我們在黃金時段的收視率比其他電視台都高出 20%。Brian提到了Telemundo，但我們MSNBC也有優勢，那就是有線電視體育頻道。而我們對廣告銷售的態度——從 5 年前開始，我們將所有廣告銷售都交給了 Linda Yaccarino，Linda 和她的團隊負責銷售整個廣告組合，由於我們是最大的電視廣告供應商，所以我們往往先行一步。過去幾年，我們一直都是預選賽的領跑者。我認為，這產生了比通常情況下更好的結果。我們的預售量成長了約 8%，相當於約 4 億美元，這還不包括奧運和超級碗，我們在這 8% 的成長基礎上又售出了一些廣告。我們認為我們在廣播領域領先市場幾個百分點，而有線電視則處於市場高端。在過去六年左右的時間裡，我們一直在討論貨幣化差距的問題。我們認為每年我們都在逐步縮小這個差距，並且已經縮小了許多貨幣化的差距。我們是否提前拉動了需求？我不這麼認為。我認為過去兩、三年來，市場需求一直非常穩定，預付款的比例也沒有明顯高於或低於往年水準。而我們從近期（而非預售階段）看到的所有跡像都表明，廣告市場將繼續保持強勁勢頭。我們在超級盃、奧運以及其他所有賽事的預售方面都做得很好。所以我覺得我們很有信心。

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

你的下一個問題來自美國銀行美林證券的傑西卡·雷夫·科恩。

Two sets of questions. 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. 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. You sort of answered it on broadband, so if you could take a video perspective? And for Steve, kind of just an advertising question. The market overall seems fairly stable despite ratings issues, whether that's sort of measurement or fragmentation. Can you talk about what NBC is doing to position your company over the next 2 years to enhance the advertising platform?

兩組問題。首先對布萊恩或戴夫來說，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模仿你們或你們的某些方面，無論是粉絲公司還是電信公司，它們都是優秀的公司。那麼，您能否談談在未來幾年內，您將採取哪些措施來提升客戶體驗，從而保護和發展您的業務？你之前已經用寬頻回答過這個問題了，那麼能否從影片的角度來談談呢？而對史蒂夫來說，這只是一個廣告上的問題。儘管存在評級問題（無論是某種衡量標準還是市場碎片化），但總體而言，市場似乎相當穩定。您能否談談NBC在未來兩年內將採取哪些措施來提升貴公司的廣告平台？

So Jessica, Dave. So let me start with video. It is, as you said, it's a very competitive environment, lots of new entrants coming in and doing different things. The key is, we really like our position overall. 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. So in addition, as I mentioned before, we're going to compete vigorously for -- across the board for every segment. And so we do break it down, whether it's students, whether it's millennials, and so we are seeing really good benefits. And I think while they're sampling, you see new entrants come in. For us, we're going to stay very focused on our strengths. And one of the things too that we are rolling out is, and we've talked about before, is Instant TV. Instant TV, again, we're launching this. We've been testing it for a while. We'll launch it more broadly the second half of the year. And again, this is an in-home Title VI cable service. We have a managed network without a set-top box. So it's ideal for certain segments and millennials in the test markets, very good response. So we'll continue to roll that out. There is lot of appeal, different price points that we're testing around that. But our key is to leverage our strength in X1 in video but also compete for every segment.

所以傑西卡，戴夫。那麼，就先從影片開始吧。正如你所說，這是一個競爭非常激烈的環境，有很多新人湧入，做著不同的事情。關鍵是，我們非常滿意我們目前的整體處境。我們擁有了 X1 這個非常棒的平台，它具有令人難以置信的語音遙控功能，並且提供了全面、豐富的選擇，包括點播、直播、DVR 等各種內容，以及現在 X1 中新增的 Netflix 等服務，所有這些都無縫集成。此外，正如我之前提到的，我們將全力以赴，在各個細分市場中展開全面競爭。因此，我們將其細分，無論是學生還是千禧世代，我們都看到了非常好的結果。我認為在他們進行抽樣調查期間，你會看到新的參與者加入。我們將繼續專注於發揮自身優勢。我們正在推出的另一項服務是（我們之前也談過），那就是即時電視。我們再次推出即時電視服務。我們已經測試了一段時間了。我們將在今年下半年更廣泛地推出這項服務。再次強調，這是家庭第六類有線電視服務。我們使用的是託管網絡，但沒有機上盒。因此，它非常適合某些細分市場和測試市場的千禧世代，反應非常好。所以我們會繼續推廣這項措施。有很多吸引人的地方，我們正在圍繞這些不同的價格點進行測試。但我們的關鍵在於發揮我們在 X1 影片領域的優勢，同時也要在每個細分市場中競爭。

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. You -- I think you have to assume that ratings are going to -- linear ratings are going to continue to decline. 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. 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. 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. 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. 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. So it's certainly more challenging. There are more variables to play with. But I like our hand. 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. But some of the targeting that people have started to realize is attractive because of the Internet.

因此，就收視率和視訊行業格局而言，現在是從事電視行業的一個非常有趣的時期。我認為你必須假設收視率將會——線性收視率將會繼續下降。我不確定這種下滑趨勢是會加速還是減緩，我認為最穩健的做法是假設它會繼續下去。但總的來說，如果包括網路上的視訊消費，我認為大多數人認為視訊消費量已經達到了歷史最高水平——我們面臨的第一個挑戰是確保我們更好地實現盈利，獲得更高的評分，然後以比目前互聯網消費更高的速度實現盈利。第二件事是嘗試將更多的網路功能、定向功能和數據融入我們的傳統電視廣告中，我認為我們在這方面一直處於領先地位。我們擁有許多數據增強產品和方法，可以將我們的一些數位資產和合作夥伴關係融入電視廣告中。我們是 BuzzFeed、Vox 和 Snap 的股東，並且與蘋果、AOL 等公司進行了大量銷售合作，這樣當 Linda Yaccarino 進入市場時，我們就可以向她提供數據增強型電視產品，以及包含電視和傳統數位廣告的捆綁產品。所以這無疑更具挑戰性。還有更多變數需要考慮。但我喜歡我們這手牌。我認為，我們一直像其他人一樣積極主動地努力，確保我們不斷發展，並滿足廣告商的需求，而電視的巨大覆蓋範圍仍然是接觸龐大市場的最佳方式。但人們開始意識到，某些定向行銷之所以具有吸引力，是因為網路。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

I wonder if you can dig more into the cable margin guide increase. How should we think about programming in the second half and 2018 if you can versus the 12% in the first half? What is the pace of renewals look like in the second half versus the first? And then second, in terms of nonprogramming OpEx trends, are there cost-cutting efforts happening there? Or is it really declines driven by a shift in customer activity from those call centers to digital? And what does the runway look like there?

我想知道您能否更深入地研究一下電纜邊距導軌的增加。如果可以的話，我們應該如何看待下半年和 2018 年的程式設計工作，與上半年 12% 的完成率相比？下半年續約速度與上半年相比有何不同？其次，就非程式營運支出趨勢而言，是否有削減成本的措施？或者，這真的是由於客戶活動從呼叫中心轉向數位化所導致的下滑嗎？那裡的T台是什麼樣子的呢？

Phil, it's Mike. I'll start and Dave can finish. So for 2017, as we started the year, we expected programming to be up 13% programming cost. 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. In terms of nonprogramming costs, you saw the great results in the first half of the year, and we think those trends are steady. So we're just revising today the guidance for the full year this year, and we expect to be flat to 2016. As you know, we don't go into a multiyear guidance. 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. We do expect programming costs, as we've said, to come down into the high single digits in years after 2017. 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. And that's been a tailwind to nonprogramming expenses. And Dave can comment further, but we're going to continue to execute against those kind of trends. But again, we don't go beyond the year we're in, in terms of guidance, so I'll leave it there.

菲爾，我是麥克。我先開始，戴夫來收尾。因此，在 2017 年初，我們預計程式設計成本將上漲 13%。今年上半年我們的佔比約為 12%，我預計下半年也不會有太大變化。就非程式成本而言，您在今年上半年已經看到了顯著的成效，我們認為這些趨勢將保持穩定。所以我們今天只是對今年的全年業績預期進行修訂，預計與 2016 年持平。如您所知，我們不提供多年期業績指引。但我認為我和戴夫之前都說過，我們將繼續推動高利潤業務、高速數據和商業服務的成長，這些業務顯然是有利可圖的。正如我們之前所說，我們預計 2017 年以後的幾年裡，程式設計成本將降至個位數高點。最後，在非程式成本方面，Dave 和 Neil 多年來在客戶服務方面投入的大量努力，尤其是在減少上門服務次數、減少電話諮詢量以及提高客戶滿意度方面，都獲得了回報。這對非程式支出來說是一個利好因素。戴夫還可以進一步評論，但我們將繼續順應這些趨勢並採取行動。但是，就指導而言，我們不會展望超過當前年份的情況，所以我就說到這裡吧。

So as Mike just said, it starts with us looking at high-margin businesses. So -- he said that well, very focused on broadband commercial. 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. So this is a combination of things. We've always been very focused on cost management. But the key thing that we are looking at is getting yield from our customer experience investments. And we made those investments. We like the results. And we believe, very strongly, that this is going to yield a better customer experience also. 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. So I think we are getting out ahead of a lot of customer service issues. We've got a ways to go, but we are really pleased with our progress. 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. So I like our momentum there. 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.

正如麥克剛才所說，首先我們要專注於高利潤業務。所以——他說，他非常專注於寬頻商業領域。但我認為，菲爾，你提出的問題的關鍵在於，2017 年非節目支出的成長率呈下降趨勢，而且這一趨勢肯定延續了去年的趨勢。所以這是多種因素共同作用的結果。我們一直非常注重成本控制。但我們關注的關鍵在於如何從客戶體驗投資中獲得收益。我們進行了這些投資。我們很滿意這個結果。我們堅信，這將帶來更好的客戶體驗。因此，通常情況下，如果你工作做得好，並且交易量大，那麼你的服務交付成本就會降低。所以我認為我們提前解決了許多客戶服務問題。我們還有很長的路要走，但我們對所取得的進展感到非常滿意。所以，從呼叫量、出車次數和聯繫率來看，所有這些指標都在朝著正確的方向發展。所以我很滿意我們目前的發展動能。我們將繼續專注於處理交易，但同時，這對客戶來說是件好事。

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

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Maybe a couple of follow-up questions for Dave. First, on the competitive front. Have the -- the competitive efforts you've seen from the traditional guys, has that continued here into the third quarter? And maybe can you give us a sense for maybe where it's coming from? Is it the telcos? Or is it the satellite guys? 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?

也許還有幾個後續問題想問戴夫。首先，從競爭方面來看。你們看到傳統球隊展現的競爭力，這種競爭力在第三節是否延續了？或許您能告訴我們它大概是從哪裡來的嗎？是電信公司嗎？還是衛星方面的問題？關於即時電視——新的即時電視產品，我想我們聽說過或者你們也談過將在第三季度推出，但你們能否更詳細地介紹一下推出的範圍，你們將如何推廣它，也許你們可以告訴我們該套餐包含哪些內容或定價方面的內容？

Yes. Sure, John. 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. And again, we compete, we take it all seriously. We look at everything and don't take it for granted. So we do compete. But the adjustments we make are modest in nature, very targeted. And so we like again our position as I talked about before. 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. But again, I talked about our video and broadband momentum. On Instant TV, this is a program that we've been looking at to go after, primarily the segments that -- like millennials. This is not something that we'll do broad-based in terms of our approach to the market. This is going to be very targeted, primarily digital in nature and how we do it. We love our full video positioning with X1. So we'll continue to compete aggressively with that. But Instant TV gives us one more part of the portfolio to be able to go after different segments with. So it will be fully launched towards the end of Q3 and will be part of our go-to-market approach.

是的。當然可以，約翰。所以就電信公司而言，主要體現在轉變上，再次出現了這種競爭週期，電話公司在折扣方面變得更加激進。而且，我們競爭，我們認真對待每一件事。我們審視一切，不認為一切理所當然。所以我們之間確實存在著競爭。但我們所做的調整性質溫和，目標明確。所以，正如我之前所說，我們再次對我們的立場感到滿意。你把這些連結起來，有時就會有很多新人湧入，所以對新人的過度消費就會造成很大的影響。但我再次談到了我們在視訊和寬頻領域的成長勢頭。在即時電視領域，我們一直在關注並爭取推出這類節目，主要目標受眾是千禧世代等族群。就我們的市場策略而言，這並非我們會廣泛採用的做法。這將是一個非常有針對性的、主要以數位化形式呈現的方式。我們非常喜歡X1的全視訊定位功能。所以我們會繼續積極與之競爭。但即時電視讓我們在產品組合中增加了一個部分，使我們能夠瞄準不同的細分市場。因此，它將在第三季末全面推出，並將成為我們市場推廣策略的一部分。

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

你的下一個問題來自德意志銀行的布萊恩‧克拉夫特。

Mike, I had, I guess, a housekeeping question first then I have one for Steve. The NBCU headquarters, other elimination OCF number was noticeably higher this quarter than it's been in the past. So just wanted to see if you can give us some color on that. Is it a new run rate more or less? Or is there something anomalous in the second quarter? And then Steve, you had mentioned a moment ago the digital investments that you've made in Snap, BuzzFeed and Vox. 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?

麥克，我先有個家事的問題想問你，然後我還有一個問題想問史蒂夫。NBCU 總部其他扣除 OCF 的數字本季明顯高於以往。所以，我只是想看看您能否就此提供一些細節資訊。這算是一種新的運作率嗎？或者說，第二季出現了什麼異常？史蒂夫，你剛剛提到了你在 Snap、BuzzFeed 和 Vox 等數位領域的投資。我想請您詳細說明一下，您是如何利用NBCU的這些投資，以及它們如何融入更廣泛的策略中？

Thanks, Bryan, it's Mike. So -- there's just some one-time choppiness in that number. 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.

謝謝你，布萊恩，我是麥克。所以——這個數字只是偶爾會出現一些小波動。我們可以處理——如果您願意，我們可以在線下提供更多色彩，但這不會影響您在本季度之前看到的後續趨勢。

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. So it's not a -- it's not a passive or inactive process. 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. And in each of those 3 companies, we've had very material projects succeed in the marketplace. Our most recent investment was 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. 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. It's called Stay Tuned, and it's off to a very, very strong start. And we've done similar things with BuzzFeed and Vox. 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. So I think Vox, BuzzFeed and Snap are 3 great companies. We've learned a lot from them and we're better off for having made those investments.

所以，當我們進行這些數位投資時，我們實際上稱它們為“燈塔投資”，因為我們認為，透過投資 BuzzFeed、Vox 或 Snap，我們就是在告訴我們的員工和他們的員工，我們真的想一起工作。所以這不是一個——這不是一個被動的或不主動的過程。因此，當我們進行投資時，我們會與各公司的管理團隊坐下來，努力確定六個左右可以進行的專案。在這三家公司中，我們都取得了一些在市場上取得成功的實質項目。我們最近投資的是 Snapchat。我們還有一個名為《The Rundown》的節目，由 E! 製作，每天有 500 萬到 1000 萬用戶觀看，這確實能帶來收益。我們剛剛推出了第二款產品，它基於 NBC 新聞，是一款 24 小時全天候播出的 NBC 新聞產品，非常獨特，我記得是上週推出的。它名為《敬請期待》，開局非常非常強勁。我們也曾與 BuzzFeed 和 Vox 做過類似的事情。我認為，隨著公司數位化基因的不斷增強，我們工作的很大一部分是尋找可以讓我們學習並與之開展業務的數位投資對象，而不僅僅是進行投資。所以我認為 Vox、BuzzFeed 和 Snap 都是很棒的公司。我們從他們身上學到了很多，這些投資讓我們受益匪淺。

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

你的下一個問題來自高盛的布雷特·費爾德曼。

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. In terms of acquiring customers, what's working? Are you mostly leveraging interactions you would otherwise have on a normal basis? Is some of your outbound causing people to come to you? Where are they coming from? Which plans are most successful? And then the last one would be, is it hurting any of your other businesses, for example, is it actually cannibalizing residential voice? 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.

我知道現在使用 XFINITY Mobile 還處於起步階段，但我還是想問幾個問題，看看您願意分享些什麼。在客戶獲取方面，哪些方法行之有效？你主要利用的是那些原本就會在日常生活中進行的互動嗎？你的某些對外宣傳是否促使人們主動聯絡你？它們來自哪裡？哪些方案最成功？最後一個問題是，它是否損害了你的其他業務，例如，它是否蠶食了住宅語音業務？所以這裡面有很多東西，但如果你能幫助我們了解哪些方面在早期階段行之有效，那就太好了。

You got it. So a couple of -- it's way early as Brian said, but a couple of observations. First off, it's operationally scaling well. Again, very early, but we are pleased with just, in general, as we have rolled this out across the footprint. 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. 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. 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. So it's a really extraordinary digital experience. And so we are pleased with that. The other observation early on is that there's real value By the Gig. We have -- most of our customers are taking By the Gig versus unlimited. So yes, we can do both. And the partnership of Verizon is going well. And so early response too from customers extremely positive. They like the service. They like the value. They like just how easy this is. 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. I think mobile is an opportunity to expand consideration for other products. 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. So we're really encouraged about our early-stage retail launches where we see that happening. So real pleased with the early results.

答對了。所以，正如布萊恩所說，現在還為時過早，但有幾點看法。首先，它的營運規模化能力很強。雖然現在還處於非常早期的階段，但我們對目前在整個業務範圍內推廣的成果總體上感到滿意。您可能正在考慮的一點是——就客戶群或他們的入職方式而言，大約一半的客戶是透過我們的數位管道入職的，這非常棒。所以 Greg Butz 和他的團隊真的做得非常出色，我認為這充分說明了客戶體驗有多輕鬆、方便。而且不僅上手容易，正如布萊恩所說，持續管理您的服務也非常容易，這是為數不多的只需點擊一下按鈕即可來回切換的服務之一，您可以將按流量計費更改為無限流量，然後再切換回來。所以，這真是一次非凡的數位體驗。因此，我們對此感到滿意。早期觀察到的另一個現像是，按場次付費確實很有價值。我們的大多數客戶都選擇按流量計費而不是無限流量。所以，是的，我們可以兩者兼顧。與Verizon的合作進展順利。因此，來自客戶的早期回饋也非常積極。他們很滿意這項服務。他們喜歡它的性價比。他們喜歡這種方式的便利性。所以，就此而言——坦白說，我認為，我們有機會反其道而行之，尤其是在我們利用現有的零售能力和數位能力的情況下。我認為行動端是一個拓展消費者對其他產品認知度的機會。雖然可能會有一些關注點——例如圍繞有線語音的包裝，但我認為這給了我們一個機會來談論我們所做的一切。因此，我們對早期零售通路的推出感到非常鼓舞，因為我們看到了這種情況的發生。對目前的成果非常滿意。

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

你的下一個問題來自 Kannan Venkateshwar 與巴克萊銀行的合作。

Just one question for me, which is on the CapEx line. We've seen scalable infrastructure and line extensions growth -- grow quite substantially over the last year or so. Could you just talk about what's exactly in that line? And is this driven by fiber? Or is there some other focus in those lines right now?

我只有一個問題，是關於資本支出方面的。在過去一年左右的時間裡，我們看到了可擴展的基礎設施和產品線擴展的成長——而且成長幅度相當大。能具體說說那句話的意思嗎？這是由光纖驅動的嗎？或者說，這些文字目前還有其他重點嗎？

Kannan, It's Mike. So I'll start again on X1. 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. We are investing to keep the experience ahead of our customer expectations. And so that's what you would see in those -- in that CapEx line. And we've said repeatedly we want to continue to invest in that broadband network for the future we see for the business. In terms of line extensions, that's connecting more addresses to our networks. And so that's largely led by business services. 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.

坎南，我是麥克。那我再從X1開始吧。因此，可擴展的基礎設施，想想隨著我們網路使用量的增加，我們如何在雲端 DVR 等應用中普遍增加網路容量和速度。我們正在加大投入，力求讓客戶體驗超越他們的期望。所以，這就是你在那些——資本支出項中——看到的內容。我們已經多次表示，為了公司未來的發展，我們希望繼續投資寬頻網路。就線路擴展而言，就是將更多位址連接到我們的網路。因此，這主要由商業服務引領。而推動商業服務顯然是一項高成長業務，我們談到的一些超大規模構建，就是──產品線擴展的成長是由此驅動的。

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

你的下一個問題來自傑富瑞集團的麥克‧麥考馬克。

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

Dave，或許你可以就商業機會以及你看到的向上游拓展到更大企業方面發表一些看法。另外，關於 5G，你們覺得它對你們來說是風險還是機會？

Sure. So I think it's -- the larger business services opportunity is enterprise. It's upside for us. Currently we're -- within in our footprint, we're at less than 5% of the overall revenue opportunity. 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. So I think it's a -- so far, we are real pleased with our progress. A lot of very -- the premier accounts that have jumped onboard. Again, early innings on this one, too, but we are pleased, and I think there is upside there. On 5G, yes, we are testing it. We are looking at it. I've commented before that it's something that I think will evolve and take a while. It's not something that will be immediate. But we'll look at as closely as everybody else from our vantage point. There's work to do there, but we'll stay very close to that. I continue to believe that it's an opportunity for the mobile providers to enhance their mobile data service. But in regards to any other implications, way too early.

當然。所以我認為──更大的商業服務機會在於企業。這對我們來說是好事。目前，在我們目前的業務範圍內，我們只佔了整體收入機會的不到 5%。所以，我認為，我們看到的是與有線電視營運商的穩固合作，以及對在全國各地設有本地辦事處的大企業的實際幫助。所以我覺得——到目前為止，我們對所取得的進展非常滿意。很多頂級客戶都加入了。現在一切都還處於初期階段，但我們感到滿意，我認為球隊還有上升空間。是的，我們正在測試 5G 技術。我們正在調查此事。我之前就說過，我認為這是一件需要時間發展演變的事情。這不會立即發生。但我們會像其他人一樣，從我們的角度仔細審視。那裡還有很多工作要做，但我們會密切注意。我仍然認為這是行動電信商提升行動數據服務的機會。但就其他方面的影響而言，現在下結論還為時過早。

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

我們的最後一個問題來自 Vijay Jayant 與 Evercore ISI 的合作。

Brian, you've been talking about innovation and differentiation in the marketplace that Comcast is trying to lead on. We are pretty close to the end of the consent decree on NBC. And obviously, you've had some synergies over the asset. Can you just talk about what that end could do in sort of leapfrogging that innovation and differentiation?

布萊恩，你一直在談論康卡斯特試圖在市場中引領的創新和差異化。NBC的同意令已經接近尾聲了。顯然，你們在該資產方面已經獲得了一些綜效。您能否談談這種最終目標如何能夠實現創新和差異化的跨越式發展？

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. 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. I don't have a specific answer for you probably today, in that regard. But I do think we've executed really well in the past. So I don't want to say anymore about the consent degree as we get toward the end of it. But I will say that the 2 companies work really well together. 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. And I think that the results that we just talked about the last hour, I think, demonstrate that. So onward we go, we'll see you next quarter. Thank you all very much.

首先我想說，我對組織的工作非常滿意，因為我們不僅遵守了所有要求，而且在許多情況下還超越了要求。我認為，當同意令結束時，行政負擔肯定會減輕，但我們現在勢頭強勁，我希望，我們會向前看，而不是向後看。在這方面，我今天可能沒有具體的答案給你。但我認為我們過去執行得非常出色。所以，在討論到最後階段時，我不想再多談同意程度的問題了。但我必須說，這兩家公司合作得非常好。而這或許能讓這種情況持續下去，甚至在未來有所發展的一個原因，就是康卡斯特和NBC環球公司的企業文化非常出色，我對此感到非常高興和自豪。我認為，我們剛才一個小時討論的結果就證明了這一點。那麼，我們繼續前進，下個季度再見。非常感謝大家。

Okay, thank you. Regina, back to you.

好的，謝謝。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time. It will run through Thursday, August 3, at midnight Eastern Time. The dial-in number is (855) 859-2056 and the conference ID number is 39307493. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間8月3日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 39307493。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。