康卡斯特 (CMCSA) 2017 Q3 法說會逐字稿

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

女士們，先生們，早上好，歡迎參加康卡斯特 2017 年第三季度收益電話會議。

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

（操作員說明）請注意，此電話會議正在錄音中。

I 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 that 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。

I'm really proud of the company and our results this quarter.

我為公司和我們本季度的業績感到非常自豪。

EBITDA increased by 5%.

EBITDA 增長了 5%。

And as you'll hear, both parts of the company continue to perform really well and distinguish themselves with operational execution and focus.

正如您所聽到的，公司的兩個部門都繼續表現出色，並以運營執行力和專注力脫穎而出。

Our third quarter results at Cable Communications, once again, underscored the impressive consistency in this business with 5% revenue and 5% EBITDA growth.

我們在 Cable Communications 的第三季度業績再次突顯了該業務令人印象深刻的一致性，收入增長 5%，EBITDA 增長 5%。

Excluding the estimated impacts from the storms this quarter, we added 150,000 new customer relationships and would have had 6% EBITDA growth.

排除本季度風暴的估計影響，我們增加了 150,000 個新客戶關係，EBITDA 將增長 6%。

We are on a path for continued balanced, profitable growth led by some of our highest-margin segments as well as our ability to drive further operational improvements on the back of the investments we've made in the customer experience.

在我們的一些利潤率最高的細分市場以及我們在客戶體驗投資的支持下推動進一步運營改進的能力的引領下，我們正走在持續平衡、盈利增長的道路上。

We see lots of opportunity in our data connectivity businesses, residential broadband and business services, which, combined, generate over $20 billion in revenue per year, growing right at around 10% and are accretive to our margins.

我們在數據連接業務、住宅寬帶和商業服務中看到了很多機會，這些業務加起來每年產生超過 200 億美元的收入，增長率約為 10%，並增加了我們的利潤。

And these areas are increasingly where we are directing our capital in the form of hyper-builds to serve businesses, pushing fiber further into our residential network and enhancing the speed, control and coverage aspects of our WiFi offering through our new wireless gateways, xFi app and new xFi pod network extenders.

在這些領域，我們越來越多地以超級構建的形式引導我們的資本為企業服務，將光纖進一步推向我們的住宅網絡，並通過我們的新無線網關 xFi 應用程序提高我們 WiFi 產品的速度、控制和覆蓋方面和新的 xFi pod 網絡擴展器。

In broadband, we expect a strong end of the year and are on track to add over 1 million net new customers for the 12th year in a row.

在寬帶方面，我們預計今年年底將強勁增長，並有望連續第 12 年增加超過 100 萬的淨新客戶。

Our newest connectivity business, XFINITY Mobile, really highlights the value of our broadband service by bundling access to the best high-speed Internet data with a unique wireless offering.

我們最新的連接業務 XFINITY Mobile 通過將最佳高速互聯網數據的訪問與獨特的無線產品捆綁在一起，真正突出了我們寬帶服務的價值。

We are pleased with the early results, surpassing 250,000 customer lines in a short period of time since our launch in May.

我們對早期的結果感到滿意，自 5 月推出以來，在短時間內超過 250,000 個客戶線。

And we are poised to scale the product from here.

我們準備從這裡擴展產品。

In video, new entrants, changing consumer habits and aggressive video activity from incumbents continue to result in a competitive landscape.

在視頻領域，新進入者、不斷變化的消費者習慣以及老牌企業的積極視頻活動繼續形成競爭格局。

We are well equipped to compete.

我們有充分的準備去競爭。

A complete channel package, bundled with our best-in-class broadband and other services, is still the optimal choice for the majority of our customers.

與我們一流的寬帶和其他服務捆綁在一起的完整頻道套餐仍然是我們大多數客戶的最佳選擇。

At the same time, we continue to explore innovative and economical ways to reach additional segments, so we can serve profitably through products like our new instant TV service.

與此同時，我們繼續探索創新和經濟的方式來接觸更多細分市場，以便我們可以通過新的即時電視服務等產品提供盈利服務。

We believe this approach focusing on profitable whole home economics is the right one and differentiates us from others and sets us up well for the future.

我們相信這種專注於盈利的整體家庭經濟的方法是正確的，它使我們與眾不同，並為我們的未來做好了準備。

So as the market for video shifts, I would make 2 observations.

因此，隨著視頻市場的變化，我會做出 2 點觀察。

First, our broadband business is increasingly the epicenter of our relationship with customers and, ultimately, where we derive the majority of our profitability.

首先，我們的寬帶業務日益成為我們與客戶關係的中心，並最終成為我們獲得大部分盈利能力的地方。

Second, we are committed to the video business.

其次，我們致力於視頻業務。

We saw this evolution coming and think we have invested in the pieces that will ultimately define long-term profitable success, including X1, the best platform on the market with amazing features that really resonate with customers, like our Emmy-winning voice remote, the broadest aggregation of great content with the best in live linear and On Demand, augmented now by the inclusion of Netflix and YouTube and others onto our platform.

我們看到了這種演變的到來，並認為我們已經投資於最終定義長期盈利成功的產品，包括 X1，市場上最好的平台，具有真正引起客戶共鳴的驚人功能，例如我們獲得艾美獎的語音遙控器、最廣泛的精彩內容聚合，具有最好的線性直播和點播，現在通過將 Netflix 和 YouTube 等加入我們的平台而得到增強。

And if you haven't tried it lately, you've got to because it gets better every month.

如果你最近沒有嘗試過，你必須嘗試，因為它每個月都會變得更好。

In addition, we offer an attractive and profitable relationship through packaging video with broadband.

此外，我們通過將視頻與寬帶打包，提供有吸引力且有利可圖的關係。

And finally, our ongoing effort to improve the customer experience accelerated this year and will continue to be an important driver in the future.

最後，我們在今年加快了改善客戶體驗的持續努力，並將繼續成為未來的重要推動力。

We are now seeing results from the investments we have made in data analytics and other technology to better anticipate and diagnose service issues and to give our customers more control with digital tools like the My Account app.

我們現在看到了我們在數據分析和其他技術方面的投資所取得的成果，這些投資旨在更好地預測和診斷服務問題，並通過 My Account 應用程序等數字工具為我們的客戶提供更多控制權。

In the third quarter, we reduced customer calls handled by our agents by 4 million.

在第三季度，我們將座席處理的客戶電話減少了 400 萬次。

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

我們還將以數字方式完成的客戶互動百分比提高了兩位數。

So better service is not just critical for our customers but is helping our financial performance.

因此，更好的服務不僅對我們的客戶至關重要，而且有助於我們的財務業績。

And we believe there is a long runway for further progress.

我們相信還有很長的路要走。

Mike will talk about this in more detail later.

Mike 稍後會更詳細地討論這個問題。

Turning to NBCUniversal.

轉向NBC環球。

The exciting momentum continued in the third quarter with EBITDA increasing by nearly 20% when you exclude the Olympics last year.

第三季度繼續保持令人振奮的勢頭，剔除去年奧運會後，EBITDA 增長了近 20%。

In our TV businesses, our strategy is centered on must-see content, which is more crucial now than ever.

在我們的電視業務中，我們的戰略以必看內容為中心，這一點現在比以往任何時候都更加重要。

In an evolving media ecosystem, great content is the foundation of everything from traditional TV bundles and new virtual MVPD services to second-run monetization opportunities that can provide a boost to current season shows and extend the life of the best libraries.

在不斷發展的媒體生態系統中，優質內容是一切事物的基礎，從傳統電視捆綁包和新的虛擬 MVPD 服務到二次盈利機會，可以推動當前季節目並延長最佳圖書館的壽命。

We monetize our content in a variety of ways from advertising, distribution to legacy and new virtual MVPDs and through licensing it to multiple outlets.

我們通過各種方式將我們的內容貨幣化，從廣告、分發到傳統和新的虛擬 MVPD，並通過將其授權給多個渠道。

In fact, in many instances, we have more end-users of our content than we've ever had.

事實上，在許多情況下，我們的內容最終用戶比以往任何時候都多。

The result is that while there may be a shift in where contributions are coming from, we've sustained terrific momentum.

結果是，雖然捐款的來源可能會發生變化，但我們一直保持著驚人的勢頭。

NBC finished the season ranked #1 in primetime for the fourth consecutive year, winning by the widest margin of any network in 6 years.

NBC 在本賽季結束時連續第四年在黃金時段排名第一，以 6 年來最大的優勢獲勝。

The network is in the lead for the new fall season as well, driven by new shows like Will and Grace and continued success, including This is Us and The Voice.

該網絡在新的秋季季節也處於領先地位，這得益於 Will 和 Grace 等新節目以及持續成功，包括 This is Us 和 The Voice。

At Cable Networks, we had the #1 new cable series of the season with The Sinner on U.S.A.

在 Cable Networks，我們與 The Sinner 在美國獲得了本季排名第一的新有線電視系列。

And rounding up the must-have lineup, we will have three of the biggest events in television airing across our networks in 2018.

總結必備的陣容，我們將在 2018 年在我們的網絡上播出三項最大的電視節目。

Just like we did in Rio, we will put the full support of Comcast NBCUniversal behind the PyeongChang Winter Olympics in February, and we couldn't be more excited.

就像我們在里約所做的那樣，我們將在 2 月的平昌冬奧會上全力支持康卡斯特 NBCUniversal，我們激動不已。

We are thrilled to have the Super Bowl on NBC and the World Cup on Telemundo in 2018.

我們很高興能在 2018 年在 NBC 上舉辦超級碗比賽，在 Telemundo 上舉辦世界杯。

At the Theme Parks, we had another excellent quarter with EBITDA increasing nearly 10%.

在主題公園，我們又迎來了一個出色的季度，EBITDA 增長了近 10%。

This performance included strong results from Universal Studios Japan, where the recently opened Minion Park attraction drove continued growth, a perfect example of leveraging our IP across businesses.

這一表現包括日本環球影城的強勁業績，其中最近開放的小黃人公園景點推動了持續增長，這是在各個業務中利用我們的 IP 的完美示例。

Japan is having a record year, highlighting what a terrific deal it has been for us since our initial investment in the park 2 years ago.

日本經歷了創紀錄的一年，突顯了自從我們兩年前對公園進行初始投資以來，這對我們來說是多麼了不起的交易。

Filmed Entertainment, again, delivered strong EBITDA growth, driven by the third installment of Despicable Me, which helped Chris Meledandri's franchise become the highest-grossing animated franchise of all time worldwide as well as ongoing contributions from our robust slate in the first half of the year.

在《神偷奶爸》第三部的推動下，Filmed Entertainment 再次實現了強勁的 EBITDA 增長，這幫助克里斯·梅萊丹德里 (Chris Meledandri) 的特許經營權成為全球有史以來票房最高的動畫特許經營權，以及我們在上半年強勁的陣容中的持續貢獻年。

Universal is on track to challenge and, perhaps, succeed 2015 as the most profitable year in its 100-plus year history, highlighting our successful strategy and great management team.

環球正朝著挑戰的方向前進，或許，2015 年將成為其 100 多年曆史上利潤最高的一年，這凸顯了我們成功的戰略和出色的管理團隊。

Overall, I'm really pleased with the results this quarter.

總的來說，我對本季度的結果感到非常滿意。

We have the right formula in place for continued growth through product leadership and financial discipline.

我們通過產品領導力和財務紀律為持續增長制定了正確的公式。

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。

I'll begin by reviewing our consolidated results on Slide 4.

我將首先在幻燈片 4 上回顧我們的綜合結果。

So despite the impact of the hurricanes, results in the third quarter were strong.

因此，儘管受到颶風的影響，第三季度的業績依然強勁。

Revenue of $21 billion declined 1.6%, as reported, and increased 5.8%, excluding the Rio Olympics in last year's third quarter.

據報導，收入為 210 億美元，下降 1.6%，增長 5.8%，不包括去年第三季度的里約奧運會。

Year-to-date, revenue increased 8.2%, excluding the Rio Olympics.

年初至今，不包括里約奧運會，收入增長了 8.2%。

Adjusted EBITDA of $7.2 billion grew 5% versus last year's third quarter.

調整後 EBITDA 為 72 億美元，較去年第三季度增長 5%。

And on a year-to-date basis, EBITDA grew 8.4%.

從年初至今，EBITDA 增長了 8.4%。

Free cash flow was $2.3 billion in the quarter and $7.6 billion on a year-to-date basis.

本季度自由現金流為 23 億美元，年初至今為 76 億美元。

And finally, adjusted earnings per share increased 13% to $0.52 a share.

最後，調整後每股收益增長 13% 至每股 0.52 美元。

So now let's go deeper into the businesses starting with Cable Communications on Slide 5. Cable Communications revenue increased 5.1% to $13.2 billion.

所以現在讓我們從幻燈片 5 上的有線電視通信開始更深入地研究業務。有線電視通信收入增長 5.1% 至 132 億美元。

And EBITDA increased 5.2% to $5.2 billion, resulting in a margin of 39.7%, flat to last year's third quarter.

EBITDA 增長 5.2% 至 52 億美元，利潤率為 39.7%，與去年第三季度持平。

Customer relationships increased by 115,000 to more than 29 million, a 2.8% increase versus a year ago.

客戶關係增加了 115,000 至超過 2900 萬，比一年前增長了 2.8%。

And total revenue per customer relationship grew by 2.1%.

每個客戶關係的總收入增長了 2.1%。

The healthy revenue growth and consistent strong EBITDA growth of this quarter and the year-to-date highlight the importance and strength of our growing, high-margin business services and high-speed Internet businesses and the ongoing benefit of our investment in customer experience.

本季度和年初至今的健康收入增長和持續強勁的 EBITDA 增長凸顯了我們不斷增長的高利潤業務服務和高速互聯網業務的重要性和實力，以及我們對客戶體驗投資的持續收益。

Further, the Cable Communications business is focused on profitable growth by striking the right balance between improvements in our financial results, and our customer metrics were clearly reflected in the quarter's results.

此外，有線通信業務通過在我們的財務業績改善和我們的客戶指標之間取得適當的平衡來專注於盈利增長，並清楚地反映在本季度的業績中。

I'll spend a moment on how Hurricanes Harvey and Irma impacted the Cable business.

我將花一點時間談談颶風哈維和艾爾瑪如何影響有線電視業務。

First, our customer metrics were impacted as a result of the loss or severe damage to many homes we serve in these markets as well as a slowdown in new business activity during the storms.

首先，由於我們在這些市場服務的許多房屋遭受損失或嚴重損壞，以及風暴期間新業務活動的放緩，我們的客戶指標受到影響。

Excluding hurricane impacts, we estimate that we would have added approximately 150,000 customer relationships, relative to the 115,000 reported, and we would have lost approximately 105,000 video customers relative to the 125,000 reported and added approximately 240,000 high-speed Internet customers versus the 214,000 reported.

排除颶風影響，我們估計與報告的 115,000 個客戶關係相比，我們將增加約 150,000 個客戶關係，與報告的 125,000 個相比，我們將失去約 105,000 個視頻客戶，並增加約 240,000 個高速互聯網客戶，而報告的為 214,000 個。

Our third quarter results captured the storm impacts and customer metrics, and we do not expect any further impact.

我們的第三季度業績反映了風暴影響和客戶指標，我們預計不會有任何進一步的影響。

Second, the hurricanes reduced EBITDA by approximately $35 million and adjusting for that, our EBITDA growth rate would have been a strong 6% increase versus the year-ago quarter.

其次，颶風使 EBITDA 減少了大約 3500 萬美元，對此進行調整後，我們的 EBITDA 增長率將比去年同期強勁增長 6%。

The impact primarily reflects customer credits and waived fees as well as additional labor associated with plant repairs and higher call volumes.

影響主要反映了客戶信用和免收費用，以及與工廠維修和更高的呼叫量相關的額外勞動力。

Our teams in Houston and Florida have done an incredible job fixing hurricane damage.

我們在休斯頓和佛羅里達的團隊在修復颶風破壞方面做得非常出色。

And they continue to work diligently to ensure our network and operations are running smoothly.

他們繼續努力工作，以確保我們的網絡和運營順利運行。

There is still a lot of work to be done, and we anticipate seeing a similar financial impact during the fourth quarter, after which, we expect our operations to be fully back to normal.

還有很多工作要做，我們預計在第四季度會看到類似的財務影響，之後，我們預計我們的運營將完全恢復正常。

So that's it on storms.

所以這就是風暴。

Now let's go into our residential business results in Cable.

現在讓我們來看看我們在 Cable 中的住宅業務結果。

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

高速互聯網仍然是電纜整體增長的最大貢獻者。

Revenue increased 8.9% to $3.7 billion in the quarter, driven by an increase in our residential customer base and rate adjustments.

在我們的住宅客戶群增加和費率調整的推動下，本季度收入增長 8.9% 至 37 億美元。

We added 182,000 residential high-speed Internet customers in the quarter and added 1.1 million over the past 12 months, with our current broadband penetration of homes and businesses passed at 45%.

我們在本季度新增了 182,000 個住宅高速互聯網用戶，在過去 12 個月中新增了 110 萬，我們目前的家庭和企業寬帶普及率為 45%。

We believe we have a long runway for continued HSD customer growth for several reasons.

我們相信，出於多種原因，我們對於 HSD 客戶的持續增長還有很長的路要走。

First, the broadband market is expanding as more Americans adopt high-speed data.

首先，隨著越來越多的美國人採用高速數據，寬帶市場正在擴大。

Second, our homes passed have been growing at a healthy rate.

其次，我們過去的家園一直在以健康的速度增長。

And third, we are driving market share gains on the back of ongoing investment and innovation in our best-in-class broadband product.

第三，由於我們對一流寬帶產品的持續投資和創新，我們正在推動市場份額的增長。

Customers are getting more value from their subscriptions with us and are using our product more and benefiting from increasing speed of our network.

客戶從我們的訂閱中獲得更多價值，更多地使用我們的產品，並從我們網絡速度的提高中受益。

Specifically, median monthly data usage increased by 41% year-over-year.

具體而言，每月數據使用量中位數同比增長 41%。

And 55% of our residential customers now take speeds of 100 megabits per second or higher compared to 36% a year ago.

現在，我們 55% 的住宅客戶採用每秒 100 兆比特或更高的速度，而一年前這一比例為 36%。

Our plan is to continue to invest to enhance our competitive differentiation by improving speed, coverage and capabilities.

我們的計劃是繼續投資，通過提高速度、覆蓋範圍和能力來增強我們的競爭優勢。

For speed, today, we're rolling out DOCSIS 3.1, which efficiently enables to -- us to offer gigabit speeds.

為了速度，今天，我們推出了 DOCSIS 3.1，它有效地使我們能夠提供千兆位速度。

We expect to have this available to the majority of our homes by year-end.

我們希望在年底前為我們的大多數家庭提供此服務。

And in terms of broadband coverage and capabilities, we have begun deploying our xFi advanced wireless gateways, the most powerful home gateway available on the market, capable of delivering gigabit WiFi speeds, empowering the most advanced connected homes.

在寬帶覆蓋範圍和功能方面，我們已經開始部署我們的 xFi 高級無線網關，這是市場上功能最強大的家庭網關，能夠提供千兆 WiFi 速度，為最先進的聯網家庭提供支持。

In addition, with our new xFi pod network extenders, as well as the control features of our xFi app, we are further strengthening our WiFi experience and, with it, our leading position in the broadband market.

此外，憑藉我們新的 xFi pod 網絡擴展器以及 xFi 應用程序的控制功能，我們正在進一步加強我們的 WiFi 體驗，並藉此鞏固我們在寬帶市場的領先地位。

Switching to video.

切換到視頻。

Revenue increased 4.2% to $5.8 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services, revenue associated with a pay-per-view boxing event, which added about 100 basis points of revenue growth, partially offset by the net loss of video subscribers discussed earlier.

本季度收入增長 4.2% 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，與按次付費拳擊活動相關的收入增加了約 100 個基點的收入增長，部分抵消了前面討論的視頻訂閱者的淨損失。

As we have noted for many quarters now, there has been a continuous introduction of new entrants in the over-the-top video space.

正如我們在許多季度以來所指出的那樣，在 OTT 視頻領域不斷引入新的進入者。

We've, obviously, known about and been expecting the impact of these competitors, understanding that customers will experiment with new services, especially in the early days when marketing and promotional activities by the new entrants are particularly intense.

顯然，我們已經了解並期待這些競爭對手的影響，了解客戶將嘗試新服務，尤其是在新進入者的營銷和促銷活動特別激烈的早期。

The competitive effect of the OTT competition appears broad-based across our footprint and has moderately accelerated, as some additional new OTT players have recently launched.

隨著一些新的 OTT 玩家最近推出，OTT 競爭的競爭效應似乎在我們的足跡中具有廣泛的基礎並適度加速。

We continue to believe that our best-in-class video product, particularly when bundled with our broadband product, represents a great value to our customers.

我們仍然相信，我們一流的視頻產品，特別是與我們的寬帶產品捆綁在一起時，對我們的客戶來說代表著巨大的價值。

Separately, but not unrelated to OTT competition is the behavior of traditional competitors, with some responding more aggressively than others.

另外，與 OTT 競爭無關的是傳統競爭對手的行為，其中一些人的反應比其他人更積極。

In the third quarter, we experienced noticeable differences in our net customer metrics across the footprints of different competitors.

在第三季度，我們的淨客戶指標在不同競爭對手的足跡上存在顯著差異。

We are carefully monitoring the effects of traditional competition.

我們正在仔細監測傳統競爭的影響。

And we'll adjust our own approach to the marketplace to address any sustained pressure through the lens of balancing profitable growth with market share as described earlier.

我們將調整我們自己的市場方法，以通過平衡盈利增長與市場份額的鏡頭來解決任何持續的壓力，如前所述。

We believe our quality across every aspect of the video bundle gives us the competitive advantage.

我們相信，我們在視頻捆綁包各個方面的質量為我們帶來了競爭優勢。

We have the most innovative video platform on the market with X1, which is now in 57% of our residential video customers' homes compared to about 45% a year ago.

我們擁有市場上最具創新性的視頻平台 X1，現在我們 57% 的住宅視頻客戶家中使用了 X1，而一年前這一比例約為 45%。

We continue to innovate and improve X1, continuously adding more content, integrating apps, like Netflix and YouTube, making it easy to search all this content with our voice remote and offering a compelling TV Everywhere experience with our XFINITY stream app.

我們不斷創新和改進 X1，不斷添加更多內容，集成 Netflix 和 YouTube 等應用程序，使用我們的語音遙控器輕鬆搜索所有這些內容，並通過我們的 XFINITY 流應用程序提供引人入勝的 TV Everywhere 體驗。

Finally, on the residential side, I want to emphasize our strategy of delivering great value through a bundled approach.

最後，在住宅方面，我想強調我們通過捆綁方式提供巨大價值的戰略。

That begins with our broadband product, coupled most commonly with video but we haven't stopped there.

首先是我們的寬帶產品，最常見的是視頻，但我們並沒有就此止步。

We are investing in other services that bring value to our customers by leveraging our place in the home and the importance of our connectivity services.

我們正在投資其他服務，利用我們在家中的位置和連接服務的重要性，為我們的客戶帶來價值。

We have a continuous effort to innovate and develop services that add value to our customers and deepen our relationship with them.

我們不斷努力創新和開發服務，為我們的客戶增加價值並加深我們與他們的關係。

We have good experience with this, having introduced voice into 20% of our base in a relatively short period of time.

我們在這方面有很好的經驗，在相對較短的時間內將語音引入了我們 20% 的用戶群。

And we see the next opportunity to expand our bundled customer offerings with XFINITY Home and XFINITY Mobile.

我們看到了通過 XFINITY Home 和 XFINITY Mobile 擴展我們的捆綁客戶產品的下一個機會。

We now have over 1 million XFINITY Home customers, almost double where we were 2 years ago with 90% subscribing to 3 or 4 product bundles.

我們現在擁有超過 100 萬 XFINITY Home 客戶，幾乎是 2 年前的兩倍，其中 90% 訂閱了 3 或 4 個產品包。

More recently, we launched our wireless service, XFINITY Mobile, which is available exclusively to customers who bundle it with our high-speed Internet product.

最近，我們推出了我們的無線服務 XFINITY Mobile，專供將其與我們的高速互聯網產品捆綁的客戶使用。

As Brian pointed out, we are off to a great start, exceeding 250,000 customer lines in only a few months since our launch.

正如 Brian 指出的那樣，我們有了一個良好的開端，在我們推出後僅幾個月內就超過了 250,000 條客戶線。

Introducing these new products adds value to our customers, as part of a multi-product bundle, deepens our relationship, thus improving retention and, ultimately, benefiting lifetime customer economics for us.

作為多產品捆綁的一部分，推出這些新產品為我們的客戶增加了價值，加深了我們的關係，從而提高了保留率，並最終為我們帶來了終生客戶經濟利益。

Moving on to business services, which continues to be a top driver of our overall cable results.

轉向商業服務，這仍然是我們整體有線電視業績的主要推動力。

We delivered another strong quarter of double-digit growth, with revenue increasing 12.6% to $1.6 billion during the quarter, primarily driven by customer growth.

我們實現了又一個強勁的兩位數增長，本季度收入增長 12.6% 至 16 億美元，主要受客戶增長的推動。

We added 31,000 business customer relationships and grew revenue per business customer relationship by 5%.

我們增加了 31,000 個業務客戶關係，每個業務客戶關係的收入增長了 5%。

The significant majority of business services revenue is centered on connectivity, and we have even more runway to increase share in our data product as we move to gigabit speeds throughout our footprint with the deployment up DOCSIS 3.1 and as we continue to push fiber deeper in our network.

大部分商業服務收入都集中在連接上，隨著我們在整個足跡中通過部署 DOCSIS 3.1 轉向千兆速度，並且隨著我們繼續在我們的網絡。

We continue to augment growth through business applications and services that's right on top of our core connectivity business.

我們繼續通過核心連接業務之上的業務應用程序和服務來增加增長。

These include our voice, video surveillance and advanced WiFi products.

其中包括我們的語音、視頻監控和先進的 WiFi 產品。

And additionally, as we grow into the mid-sized business and enterprise segments, our recently launched SDWAN product and our managed enterprise solutions business will help unlock new opportunities to serve branch offices of larger multi-site businesses.

此外，隨著我們成長為中型企業和企業部門，我們最近推出的 SDWAN 產品和我們的託管企業解決方案業務將有助於釋放新的機會，為大型多站點企業的分支機構提供服務。

Turning to Slide 6. Program expenses increased 12.4% during the quarter, including the additional cost associated with the pay-per-view boxing event.

轉到幻燈片 6。該季度的計劃費用增加了 12.4%，包括與按次付費拳擊活動相關的額外費用。

Year-to-date, program expenses increased 12%, reflecting the timing of several contracts that renewed at the end of last year.

年初至今，項目費用增加了 12%，這反映了去年年底續籤的幾份合同的時間安排。

Nonprogramming expenses increased 0.6% this quarter and increased 1.1% for the year-to-date.

本季度非編程支出增長 0.6%，今年迄今增長 1.1%。

This reflects the benefits of investments made in customer experience initiatives as well as disciplined cost management overall.

這反映了在客戶體驗計劃以及整體成本管理方面進行投資的好處。

Notably, customer service expenses essentially flat this quarter and down about 1% year-to-date, even as customer relationships grew by nearly 3%.

值得注意的是，本季度客戶服務費用基本持平，今年迄今下降約 1%，儘管客戶關係增長了近 3%。

One example is the reduction in customer calls over the last year with general calls to agents down by 16 million or nearly 10% and calls from new customers during their first 90 days down by double-digit percentage.

一個例子是，去年客戶來電減少了 1600 萬次或近 10%，新客戶在前 90 天的電話減少了兩位數。

The investments in the customer experience are clearly working, and we believe we have the foundation in place to drive further improvement from here.

對客戶體驗的投資顯然正在發揮作用，我們相信我們已經奠定了從這裡推動進一步改進的基礎。

Lastly, on Cable Communications, third quarter EBITDA margin of 39.7% was flat compared to the third quarter of 2016.

最後，在有線通信方面，第三季度 EBITDA 利潤率為 39.7%，與 2016 年第三季度持平。

Our year-to-date EBITDA margin of 40.2% is up 10 basis points compared to the same period in 2016, even with the higher rate of program expense growth and the impact of the 2 hurricanes.

我們年初至今的 EBITDA 利潤率為 40.2%，與 2016 年同期相比上升了 10 個基點，即使項目費用增長率較高且受到兩次颶風的影響。

And finally, we continue to expect the full year 2017 EBITDA margin to be flat compared to the 2016 margin of 40.2%, despite the impact of the hurricanes.

最後，儘管受到颶風的影響，我們仍預計 2017 年全年 EBITDA 利潤率將與 2016 年 40.2% 的利潤率持平。

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, NBCUniversal's revenues decreased 12.7%, and EBITDA increased 6% in the quarter.

在幻燈片 7 上，NBCUniversal 的收入在本季度下降了 12.7%，EBITDA 增長了 6%。

Excluding the Olympics, revenue increased 6% and EBITDA was up nearly 20%.

不包括奧運會，收入增長 6%，EBITDA 增長近 20%。

Cable Networks revenue declined 11.5% and increased 3.7%, excluding the Olympics, driven by higher distribution and content licensing and other revenue.

有線電視網絡收入下降 11.5%，增長 3.7%，不包括奧運會，受較高的發行和內容許可及其他收入的推動。

Distribution revenue continues to drive our results, increasing 4% this quarter to $1.5 billion.

分銷收入繼續推動我們的業績，本季度增長 4% 至 15 億美元。

But for the timing effects of certain sports-related fees and the impact of channel closures, distribution revenue growth would have been consistent with the high single-digit growth we reported in the first half of the year, which was due to the major renewals at the beginning of the year.

但由於某些體育相關費用的時間效應和渠道關閉的影響，分銷收入增長將與我們在上半年報告的高個位數增長一致，這是由於在年初。

Content licensing and other revenue of $283 million increased 24%, reflecting the episodic nature of when deals are completed and content delivered under licensing agreements.

2.83 億美元的內容許可和其他收入增長了 24%，這反映了交易完成時間和根據許可協議交付內容的偶發性。

Advertising revenue of $787 million declined 2.6%, reflecting higher rates that were more than offset by ratings declines.

廣告收入為 7.87 億美元，下降 2.6%，反映出較高的費率被收視率下降所抵消。

And finally, in cable net, EBITDA increased 1.5% to $905 million, reflecting the comparison with the Olympics last year.

最後，在有線電視網中，EBITDA 增長 1.5% 至 9.05 億美元，與去年的奧運會相比較。

Broadcast Television revenue declined 30.9%, but increased 12.3%, excluding the Olympics.

廣播電視收入下降 30.9%，但增長 12.3%，不包括奧運會。

Retransmission consent fees increased more than 70% to nearly $360 million.

轉播同意費增加了 70% 以上，達到近 3.6 億美元。

Content licensing revenue of $440 million increased over 20%.

4.4 億美元的內容許可收入增長了 20% 以上。

In addition, excluding the Olympics, advertising revenue of $1.2 billion was relatively flat, the result of strong pricing offsetting ratings declines, consistent with recent trends.

此外，不包括奧運會，12 億美元的廣告收入相對持平，這是由於強勁的定價抵消了收視率下降的結果，與近期趨勢一致。

And finally, EBITDA decreased 15% to $321 million, again, reflecting the comparison with the Olympics last year.

最後，EBITDA 再次下降 15% 至 3.21 億美元，與去年的奧運會相比。

Film revenue was relatively flat, but EBITDA increased 11.9% to $394 million, reflecting the successful performance of Despicable Me 3, the carryover benefits of a very successful film slate in the first half of 2017 as well as higher content licensing driven by DreamWorks kids TV.

電影收入相對持平，但 EBITDA 增長 11.9% 至 3.94 億美元，這反映了《神偷奶爸 3》的成功表現、2017 年上半年非常成功的電影的結轉收益以及夢工廠兒童電視推動的更高內容授權.

As Brian noted, film is on track to have one of its most profitable years in its history.

正如布賴恩所說，電影有望迎來其歷史上最賺錢的年份之一。

Finally, Theme Parks revenue increased 7.7% and EBITDA increased 9.8% to $775 million.

最後，主題公園收入增長 7.7%，EBITDA 增長 9.8% 至 7.75 億美元。

These strong results were driven by the launch of Minion Park in Japan and Volcano Bay in Orlando as well as the continued success from Harry Potter in Hollywood, which opened more than a year ago.

這些強勁的業績得益於日本小黃人公園和奧蘭多火山灣的推出，以及一年多前在好萊塢開業的哈利波特的持續成功。

These results include the impact of Hurricane Irma and the negative impact of a weaker Japanese yen.

這些結果包括颶風艾爾瑪的影響和日元貶值的負面影響。

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 1.2% to $2.4 billion in the third quarter.

第三季度合併資本支出增長 1.2% 至 24 億美元。

At Cable Communications, capital expenditures increased 0.8% to $2.1 billion in the quarter, resulting in capital intensity of 15.6%.

Cable Communications 本季度資本支出增長 0.8% 至 21 億美元，資本密集度為 15.6%。

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 and scalable infrastructure to increase network capacity and increased investments in line extensions, mostly offset by decreased spending on customer premise equipment.

本季度，支出的增加反映了更高水平的投資和可擴展的基礎設施，以增加網絡容量和增加對線路擴展的投資，大部分被客戶端設備支出的減少所抵消。

At NBCUniversal, third quarter capital expenditures increased 5.4% to $354 million, reflecting the timing of real estate and infrastructure spending as well as continued investment at Theme Parks.

在 NBCUniversal，第三季度資本支出增長 5.4% 至 3.54 億美元，這反映了房地產和基礎設施支出的時機以及對主題公園的持續投資。

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 mentioned earlier, we generated $2.3 billion in free cash flow in the quarter and $7.6 billion on a year-to-date basis.

現在完成幻燈片 9。如前所述，我們在本季度產生了 23 億美元的自由現金流，今年迄今產生了 76 億美元。

Our return of capital in the third quarter totaled $2.4 billion and $6 billion for the year-to-date.

我們第三季度的資本回報總額為 24 億美元，今年迄今為 60 億美元。

Dividend payments were $743 million in the third quarter, up 12.1% year-over-year and $2.1 billion year-to-date, up 10.5% year-over-year.

第三季度股息支付為 7.43 億美元，同比增長 12.1%，年初至今為 21 億美元，同比增長 10.5%。

Share repurchases were $1.7 billion in the third quarter, approximately 60% higher than the quarterly pace of the first half of the year.

第三季度的股票回購為 17 億美元，比上半年的季度速度高出約 60%。

For the year-to-date, share repurchases totaled $3.8 billion.

年初至今，股票回購總額為 38 億美元。

We continue to plan to return approximately $7.9 billion to shareholders for the full year in 2017, including $5 billion in share repurchases and $2.9 billion in dividends.

我們繼續計劃在 2017 年全年向股東返還約 79 億美元，其中包括 50 億美元的股票回購和 29 億美元的股息。

And finally, we continue to be pleased with the health of our balance sheet and in the quarter at 2.2x net leverage.

最後，我們繼續對資產負債表的健康狀況以及本季度 2.2 倍的淨槓桿感到滿意。

So that concludes our summary of the quarter.

這樣就結束了我們對本季度的總結。

We're clearly very pleased with our continued strong performance as well as our momentum heading into the fourth quarter.

我們顯然對我們持續強勁的表現以及進入第四季度的勢頭感到非常滿意。

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。

Great.

偉大的。

Thanks, Mike.

謝謝，邁克。

Regina, we'll turn it over to you for Q&A.

Regina，我們將把它交給你進行問答。

(Operator Instructions) Our first question comes from the line of Craig Moffett with MoffettNathanson.

（操作員說明）我們的第一個問題來自 Craig Moffett 和 MoffettNathanson。

I want to sort of dig into a little bit sort of the transition that's going on from video-led to broadband-led financially.

我想深入探討一下從視頻主導到寬帶主導的財務轉變。

So if -- when you lose a double-play or a triple-play customer and they become a single-play customer, can you sort of walk through all the different things that happen as that transition happens, how that customer's pricing changes?

因此，如果——當你失去了一個雙重或三重播放客戶而他們變成了一個單一播放客戶時，你能否了解一下過渡發生時發生的所有不同事情，該客戶的定價如何變化？

And then what cost, besides just programming costs, shift?

那麼除了編程成本之外，還有哪些成本變化？

And so sort of what does that economic transition look like for your business?

那麼這種經濟轉型對您的企業來說是什麼樣的呢？

And how should we think about it going forward?

我們應該如何看待它的未來？

Craig, this is Dave.

克雷格，這是戴夫。

So let me take that.

所以讓我接受。

And look, there has certainly been a fair amount of work out there on this very issue.

看，在這個問題上肯定有相當多的工作。

And I've read your perspectives, specifically on it, and I agree with your point of view that as there is an economic shift when that happens in terms of if a customer selects broadband only, there are higher margins in that.

我已經閱讀了你的觀點，特別是關於它的觀點，我同意你的觀點，即如果客戶只選擇寬帶，就會發生經濟轉變，那麼利潤率就會更高。

There's a higher rate for standalone service and a lower cost to deliver that product, so margins improved.

獨立服務的費率更高，交付該產品的成本更低，因此利潤率有所提高。

So -- but having said that, we -- I think we're very different in that our definition of packaging is to profitably put together great products that drive engagement and usage.

所以 - 但話雖如此，我們 - 我認為我們的不同之處在於我們對包裝的定義是有利可圖地將推動參與和使用的偉大產品組合在一起。

So we'll continue to stay very focused on X1 and broadband.

因此，我們將繼續非常關注 X1 和寬帶。

But the -- to the extent somebody does take broadband only, the way we look at it and the way it breaks out, there -- we take a very disciplined approach towards a premium product, which we're constantly raising the speeds for them and we will charge more for -- on a standalone basis, so there are some bundling benefits.

但是 - 在某種程度上，有人確實只使用寬帶，我們看待它的方式以及它爆發的方式 - 我們對優質產品採取非常嚴格的方法，我們不斷提高他們的速度而且我們會單獨收取更多費用，因此會有一些捆綁銷售的好處。

To the extent that they don't take it, then we charge more for -- on standalone basis.

如果他們不接受，那麼我們會單獨收取更多費用。

Secondly, I also agree that there is upside economically in being able to go to that customer that may be enjoying video, over-the-top or whatever they're doing and being able to upgrade them to higher tiers.

其次，我也同意，能夠吸引那些可能正在享受視頻、OTT 服務或他們正在做的任何事情的客戶，並能夠將它們升級到更高級別，這在經濟上是有好處的。

So we also have a good opportunity in terms of the cost of service, so there are improved economics in terms of the operating expenses.

因此，我們在服務成本方面也有很好的機會，因此運營費用方面的經濟性有所提高。

So this will drive ARPU.

所以這將推動 ARPU。

This improves margin.

這提高了利潤。

so -- but again, let me also say that as a broader opportunity, we're very different in the broad portfolio of products that we have being able to package, whether it's mobile, whether it's home security, different tiers of service, this is -- our general approach is to profitably package a wide variety of opportunities.

所以——但我還要再說一次，作為一個更廣泛的機會，我們在能夠打包的廣泛產品組合中非常不同，無論是移動設備，還是家庭安全，不同的服務層級，這是——我們的一般方法是對各種機會進行有利可圖的打包。

And by the way, we will continue to focus on video.

順便說一句，我們將繼續專注於視頻。

And we think there's a good opportunity to do that with broadband.

我們認為寬帶是一個很好的機會。

But the economics, I think, are very encouraging to the extent that they do select broadband only.

但我認為，在他們只選擇寬帶的情況下，經濟學非常令人鼓舞。

I just want to add one other observation, which is as the shift is occurring, the utility of broadband to the consumer is going up every year.

我只想補充另一個觀察結果，即隨著這種轉變的發生，寬帶對消費者的效用每年都在上升。

So the bits per home in the last 9 months or so appear to be about 40% more usage.

因此，在過去 9 個月左右的時間裡，每個家庭的比特數似乎增加了 40% 左右。

So people are relying on the speed, the WiFi coverage, the video.

因此，人們依賴於速度、WiFi 覆蓋範圍和視頻。

Whether it's our video or some other video, consumption has never been higher.

無論是我們的視頻還是其他視頻，消費量從未如此高。

NBC gets paid for a lot of that video consumption in different ways, in different models, which we can talk about.

NBC 以不同的方式、不同的模式從大量視頻消費中獲得報酬，我們可以談論這些。

And then you don't have different CapEx requirements.

然後你沒有不同的資本支出要求。

So you add it all up.

所以你把它全部加起來。

We've anticipated the shift that's coming.

我們已經預料到即將到來的轉變。

I think we've taken our innovation machine and pointed it as well now to broadband and broadband-only homes.

我認為我們已經使用了我們的創新機器，現在也將其指向寬帶和僅限寬帶的家庭。

And I think you'll see more of that coming in the future.

我想你會在未來看到更多這樣的事情。

We just launched YouTube, as a for instance, on X1.

例如，我們剛剛在 X1 上推出了 YouTube。

You're able to enjoy more video than ever.

您可以享受比以往更多的視頻。

If you take our video, I think you're able to enjoy more video than ever.

如果您拍攝我們的視頻，我認為您將能夠享受比以往更多的視頻。

If you don't take our video, but you -- our broadband is the center, and that's why we're 25 million broadband, 22 million video.

如果你不拍我們的視頻，但你——我們的寬帶是中心，這就是為什麼我們有 2500 萬個寬帶，2200 萬個視頻。

We saw the shift coming.

我們看到了轉變的到來。

We're pretty focused.

我們非常專注。

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

您的下一個問題來自摩根士丹利的 Ben Swinburne。

I have a question for Brian and then for either Dave or Mike, either one who wants take it.

我有一個問題要問布賴恩，然後是戴夫或邁克，誰都想回答。

Brian, on the mobile side, you guys now are in the market.

布賴恩，在移動端，你們現在在市場上。

You talked about how many customers you have.

你談到你有多少客戶。

And the iPhone 10 or X, whatever it's called, is 1 week away, plus with what's happening in 6, I know you guys have been sort of exploring 5G and other opportunities.

iPhone 10 或 X，不管它叫什麼，還有 1 週的時間，再加上 6 年發生的事情，我知道你們一直在探索 5G 和其他機會。

Can you just maybe step back and tell us how you're thinking about wireless strategically longer term now that the -- a sort of company-wide deployment of wireless is sort of right here?

您能否退後一步，告訴我們您在戰略上如何考慮無線的長期戰略，因為這種公司範圍內的無線部署就在這裡？

And then just picking up on the last conversation about the broadband business and the shifting model, Dave or Mike, when you think about that shift, I think everyone understands, it's probably accretive to margins.

然後只是拿起關於寬帶業務和轉變模式的最後一次談話，戴夫或邁克，當你考慮這種轉變時，我想每個人都明白，它可能會增加利潤。

Can you just talk about capital needs for the data business?

您能談談數據業務的資金需求嗎？

You talked a lot about hyper-builds and more fiber and line extensions.

你談了很多關於超構建和更多光纖和線路擴展的內容。

Is the -- what are the CapEx needs as you guys try to really push your advantage in data versus the kind of spending we've seen at cable over the last couple of years?

與過去幾年我們在有線電視公司看到的那種支出相比，當你們試圖真正推動自己在數據方面的優勢時，資本支出需要什麼？

Well, I like our wireless strategy a lot.

嗯，我非常喜歡我們的無線策略。

It -- wireless revenue has been going backwards for a couple of companies who reported, and cash flow is the same.

它 - 對於幾家報告的公司來說，無線收入一直在倒退，現金流也是一樣的。

So that's a business where we have 0% market share.

所以這是一個我們擁有 0% 市場份額的業務。

And so as we begin, and 250,000 subs is a great achievement, but it's 250,000 subs, so we're very small.

所以當我們開始時，250,000 個訂閱者是一個了不起的成就，但它是 250,000 個訂閱者，所以我們非常小。

We're using wireless to help our very valuable broadband business.

我們正在使用無線技術來幫助我們非常有價值的寬帶業務。

You can only get wireless if you take our broadband.

只有使用我們的寬帶才能獲得無線網絡。

And it's an extension of our broadband to what I was just commenting on earlier.

這是我們寬帶對我之前評論的擴展。

And yet, we've been able to say when we hit a certain scale, hopefully next year or so, we will then be able to be in a position where every sub is profitable on its own merits.

然而，我們已經能夠說，當我們達到一定規模時，希望明年左右，我們將能夠處於每個潛艇都憑藉其自身優勢獲利的位置。

And that's the nature of the wholesale relationships that we've made.

這就是我們建立的批發關係的本質。

So -- and third, we have a very compelling offer to the consumer.

所以 - 第三，我們為消費者提供了非常有吸引力的優惠。

You literally take money off your bill in almost every instance.

幾乎在每一種情況下，你都會從你的賬單上拿走錢。

You have tremendous flexibility.

你有極大的靈活性。

And it's super simple, and it's all digital.

它超級簡單，而且都是數字化的。

So -- and you can get the newest devices, as you alluded to.

所以——正如你所提到的，你可以獲得最新的設備。

So I think it's a way for us to reinforce the strategy of the company that we were just talking about, which is to make that broadband relationship as increasingly useful and valuable in something as important as your mobile device.

因此，我認為這是我們加強我們剛才討論的公司戰略的一種方式，即使寬帶關係在像您的移動設備這樣重要的事物中變得越來越有用和有價值。

And then -- Ben, it's Mike.

然後——本，是邁克。

Thanks for the question.

謝謝你的問題。

I'll start and Dave can finish.

我會開始，戴夫可以完成。

So on capital, we'll, obviously, be back next call and talk about future outlook for CapEx in the Cable business.

因此，在資本方面，我們顯然會在下一次電話會議上回來討論有線電視業務中資本支出的未來前景。

As we said, we'll be flat this year to last year at around 15% capital intensity.

正如我們所說，我們今年將與去年持平，資本密集度約為 15%。

I think the important thing about the broadband business is yes, in, in-home equipment, we'll be cheaper in a broadband model than a video model.

我認為寬帶業務的重要一點是，在家庭設備中，寬帶模式比視頻模式更便宜。

And we've got the decline in X1, as we've been talking about.

正如我們一直在談論的那樣，我們已經看到了 X1 的下降。

But on the other side, we are making sure that we invest to increase speeds and make sure we innovate in that value in the broadband product, given everything Brian just described about how that -- important that is to the future of the company.

但另一方面，我們正在確保我們投資以提高速度，並確保我們在寬帶產品的價值方面進行創新，考慮到布萊恩剛剛描述的一切——這對公司的未來很重要。

It is very consistent with our current CapEx plan, investing in the network.

這與我們當前的資本支出計劃非常一致，投資於網絡。

We've been doing that.

我們一直在這樣做。

We anticipated it.

我們預料到了。

So as we make this pivot, it's very consistent with our current capital program.

因此，當我們做出這一轉變時，它與我們目前的資本計劃非常一致。

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。

I have a cable one and NBC question.

我有一個有線電視和 NBC 的問題。

On the cable side, obviously, a lot of the focus on this call is on broadband.

顯然，在有線電視方面，這個電話的很多重點都放在了寬帶上。

And you've discussed your strategy with speed coverage and capabilities.

您已經討論了您的策略與速度覆蓋和功能。

But do you think that's enough?

但你認為這就夠了嗎？

Or how do you differentiate to consumers the products enough to drive pricing, particularly in light of so much competitive promotional activity?

或者，您如何向消費者提供足以推動定價的產品，特別是考慮到競爭激烈的促銷活動？

And then, I guess, the NBC question -- or do you want to answer that then I'll go to NBC?

然後，我猜是 NBC 的問題——或者你想回答這個問題，然後我會去 NBC？

Go ahead, go ahead, Jessica.

來吧，去吧，傑西卡。

Okay.

好的。

And then NBC, there's so many parts to it that it's hard for you guys to talk on the call or in the press release about some of the drivers, but one of the little gems seems to be Telemundo, which has had phenomenal ratings success.

然後是 NBC，它有很多部分，你們很難在電話或新聞稿中談論一些司機，但其中一顆小寶石似乎是 Telemundo，它已經取得了驚人的收視率。

Can you just give us some color on kind of where you've been and where you think you can go or how quickly you can take share?

您能否就您去過的地方以及您認為可以去的地方或分享的速度給我們一些顏色？

And then if there's any comment at all on China, given the recent elections and the political environment.

然後，鑑於最近的選舉和政治環境，如果對中國有任何評論。

Is there any change to your strategy in that country, whether Theme Parks or Film?

你在那個國家的戰略有什麼變化嗎，無論是主題公園還是電影？

Let me start, Jessica, with the broadband point.

傑西卡，讓我從寬帶點開始。

So I think our operating strategy with broadband as we make the -- continue to make this pivot and really focus innovation around a superior broadband experience, it kind of goes down into 3 buckets.

因此，我認為我們制定的寬帶運營戰略 - 繼續進行這一支點並真正將創新集中在卓越的寬帶體驗上，它可以分為三個方面。

One, we constantly focus on improving speed.

一，我們不斷專注於提高速度。

We are -- we've been working for many years now in developing best-in-class gateway devices, so we improve coverage when we do that.

我們 - 我們多年來一直致力於開發一流的網關設備，因此我們在這樣做時會提高覆蓋範圍。

And then with xFi, really, the first one out to develop a in-home superior control.

然後有了 xFi，真的是第一個開發出家庭高級控制的產品。

So we're scaling 1 gig, but the widest footprint available out there in terms of 1 gig within our footprint.

因此，我們正在擴展 1 gig，但就我們的足跡中的 1 gig 而言，這是目前可用的最廣泛的足跡。

And so I really think when you combine speed with best-in-class WiFi, it really does point towards just a better answer for customers.

因此，我真的認為，當您將速度與一流的 WiFi 相結合時，它確實為客戶提供了一個更好的答案。

And I think -- as Mike said, I think there's a lot of runway left to grow the customer base.

而且我認為 - 正如邁克所說，我認為還有很多跑道可以擴大客戶群。

There's a runway on rate given our competitive differentiation around all those key areas.

鑑於我們在所有這些關鍵領域的競爭差異化，有一條跑道在運行。

So I think there's still good opportunity.

所以我認為仍然有很好的機會。

So on Telemundo, we -- when we talk about broadcast, we always talk about NBC being #1 for 4 years and This is Us and Sunday Night Football.

所以在 Telemundo 上，我們 - 當我們談論廣播時，我們總是談論 NBC 連續 4 年排名第一，這就是我們和周日晚上足球。

But a real gem inside our company in terms of broadcast is Telemundo.

但就廣播而言，我們公司內部真正的寶石是 Telemundo。

And for those of you don't follow it closely for decades, Univision beat Telemundo in primetime night after night after night by 1 million, 2 million people in the demo.

對於那些幾十年沒有密切關注的人來說，Univision 在黃金時段一夜又一夜地在演示中以 100 萬、200 萬人擊敗了 Telemundo。

And in the last broadcast year for the first time ever in primetime, Telemundo beat Univision.

在最後一個廣播年度，Telemundo 首次在黃金時段擊敗了 Univision。

And if you look more recently since this new season started, we're winning almost every night, sometimes by 20%, 25% margin.

如果你看一下新賽季開始以來的最新情況，我們幾乎每晚都在獲勝，有時以 20% 或 25% 的優勢獲勝。

So Telemundo is a big opportunity.

所以 Telemundo 是一個很大的機會。

Monetization tends to lag ratings performance.

貨幣化往往滯後於收視率表現。

We saw this with NBC when it first started to turn.

我們在 NBC 剛開始轉向時就看到了這一點。

So don't expect the same kind of gems in terms of monetization immediately at Telemundo.

因此，不要指望在 Telemundo 立即獲得相同的盈利能力。

But if we keep beating Univision, we should, at some point, catch up to Univision in terms of monetization, and that would be a big swing from where Telemundo was just a few years ago.

但是，如果我們繼續擊敗 Univision，我們應該在某個時候在貨幣化方面趕上 Univision，這與幾年前 Telemundo 的情況相比將是一個巨大的轉變。

In terms of China, China, we think, is a very, very big opportunity for our company.

就中國而言，我們認為中國對我們公司來說是一個非常非常大的機會。

We made virtually no money in China 5 years ago.

5年前，我們在中國幾乎沒有賺到錢。

This year, we'll make a couple hundred million dollars of OCF in China, primarily film and some SVOD and consumer products.

今年，我們將在中國製作幾億美元的 OCF，主要是電影和一些 SVOD 和消費產品。

We're spending a lot of time and attention getting a park in Beijing open where the visitation numbers, the tourist numbers in Beijing are just phenomenal.

我們花了很多時間和精力在北京開放一個公園，那裡的遊客人數，北京的遊客人數簡直是驚人的。

And we will be the only major U.S. theme park in that area of China.

我們將成為中國該地區唯一的主要美國主題公園。

And when that park opens, I think, as a company, it's not unrealistic to assume we're going to make well over $1 billion in revenue.

當那個公園開放時，我認為，作為一家公司，假設我們將獲得超過 10 億美元的收入並不是不現實的。

So from 0 5 years ago to over $1 billion in just a few more years once we get Beijing open.

所以從 5 年前的 0 到北京開放後的幾年內超過 10 億美元。

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。

Mike, can you just clarify the comment you made on the fourth quarter?

邁克，你能澄清一下你在第四季度的評論嗎？

You mentioned competition is accelerating.

你提到競爭正在加速。

I know you don't give guidance for that.

我知道你沒有為此提供指導。

Are you implying that sub losses are accelerating from the third quarter, either absolute or year-over-year?

您是在暗示子損失從第三季度開始加速，無論是絕對值還是同比？

And then the second question that we've gotten is as you've gone from gaining video subs to losing video subs, what kind of subs are you losing?

然後我們得到的第二個問題是，當你從獲得視頻訂閱者到失去視頻訂閱者的過程中，你失去了什麼樣的訂閱者？

Is it broad-based across your platform?

它是否在您的平台上具有廣泛的基礎？

Is it lower tier?

是低層嗎？

Are they X1?

他們是X1嗎？

Any color would be great.

任何顏色都會很棒。

Well, just to say the new implication of acceleration there, but Dave can comment further.

好吧，只是說那裡加速的新含義，但戴夫可以進一步評論。

But really, it continues to be competitive in the video space.

但實際上，它在視頻領域仍然具有競爭力。

But we've got quite a good set of tools in the video product with X1 and the like.

但是我們在 X1 之類的視頻產品中擁有相當不錯的工具集。

That's why we continue to see the competitors out there.

這就是我們繼續看到競爭對手的原因。

We're in a position to compete for the best customers out there.

我們有能力爭奪最好的客戶。

Let me offer, Marci, a perspective on -- so on video.

Marci，讓我提供一個關於視頻的觀點。

Given the -- I think, again, we're very different in regards to not only broadband, but video.

鑑於 - 我認為，我們在寬帶和視頻方面都非常不同。

As I mentioned before, if you look at the whole market in terms of the entire video market if it contracts to -- people will pin it where it will be, but we're quite different.

正如我之前提到的，如果你從整個視頻市場的角度來看待整個市場，如果它收縮——人們會把它固定在它的位置，但我們完全不同。

Our -- yes, there'll be some pressure as more OTT competition comes in, in different stages as they launch.

我們的 - 是的，隨著更多 OTT 競爭的出現，在它們推出的不同階段，將會有一些壓力。

But primarily, because of X1 and our focus around innovation, I just think we're very different in our ability to compete.

但主要是因為 X1 和我們對創新的關注，我只是認為我們的競爭能力非常不同。

We have the best video product combined with the best broadband.

我們擁有最好的視頻產品和最好的寬帶。

And so you look at -- we gained X1.

所以你看 - 我們獲得了 X1。

We are up to now 57% penetration.

到目前為止，我們的滲透率為 57%。

And when you look at the performance of X1, it consistently delivers better churn results across, really, literally every tenure-based customer.

當您查看 X1 的性能時，它始終如一地為每個終身客戶提供更好的客戶流失結果。

So we see usage benefits.

所以我們看到了使用上的好處。

Everything that we see around X1 continues to be positive.

我們在 X1 周圍看到的一切仍然是積極的。

So while there is overall pressure, competitive pressure, I don't think the video market is settled overall.

因此，雖然存在整體壓力、競爭壓力，但我認為視頻市場並未整體安定下來。

We like our position.

我們喜歡我們的立場。

And when you look at also another validation around X1 as others, select X1, including -- we talked about it before, whether it's Cox, whether it's mini Canadian companies, the fact that they're taking it, and we've heard very good results from them as well, it is very consistent.

當您與其他人一樣查看圍繞 X1 的另一個驗證時，選擇 X1，包括 - 我們之前討論過它，無論是 Cox，是否是小型加拿大公司，他們正在接受它的事實，我們已經聽到非常他們的成績也很好，非常一致。

So we're pleased with X1's overall performance.

所以我們對 X1 的整體表現感到滿意。

And I think it makes us a very different video competitor.

而且我認為這使我們成為一個非常不同的視頻競爭對手。

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 you can talk about competition in broadband?

也許你可以談談寬帶的競爭？

Obviously, we've seen a bit of a slowdown in terms of net adds.

顯然，我們已經看到淨增加量有所放緩。

Is there a way to tease out sort of what the competitive backdrop is?

有沒有辦法梳理出競爭背景是什麼？

Are you seeing -- is it a function of more competition in terms of pricing on the DSL side, the expanded fiber-to-the-home footprint or maybe an attachment issue as it relates to video?

您是否看到——在 DSL 方面的定價、擴大的光纖到戶覆蓋範圍或可能是與視頻相關的附件問題方面，是否存在更多競爭？

I mean, you guys have added about 1.3 million subs the last few years.

我的意思是，你們在過去幾年中增加了大約 130 萬個訂閱者。

Now you're talking about adding 1 million.

現在你說的是增加一百萬。

Is -- are we looking at a different run rate and a different competitive backdrop?

是——我們是否正在考慮不同的運行速度和不同的競爭背景？

Well, I think, there -- certainly, it's a unique competitive environment in that I've mentioned there certainly are a handful of over-the-top folks that have been in the market in a relatively short period of time.

好吧，我認為，那裡 - 當然，這是一個獨特的競爭環境，因為我已經提到肯定有少數在相對較短的時間內進入市場的頂級人士。

I think when you have something like that and you have legacy competitors that respond in different ways to a competitive environment, so -- and on top of that, at least one telephone company added a little bit more broadband footprint on the low end.

我認為，當您擁有類似的東西並且您擁有以不同方式對競爭環境做出反應的傳統競爭對手時，因此 - 最重要的是，至少有一家電話公司在低端增加了一點寬帶足跡。

So when you have all those things together, yes, there's going to be a little bit of shift competitively.

所以當你把所有這些東西放在一起時，是的，競爭上會有一點轉變。

As always, we've gone through competitive cycles.

與往常一樣，我們經歷了競爭週期。

We make adjustments based on the competitive climate.

我們根據競爭環境進行調整。

And again, our focus is smart packaging and very focused leverage in our best products.

再一次，我們的重點是智能包裝和我們最好的產品的非常集中的槓桿作用。

And while there's some pressure on it, you look to the overall balance, you look at the overall cash flow performance that we have and even in a slightly tougher competitive environment, I like our results.

雖然它有一些壓力，但你會看到整體平衡，你會看到我們擁有的整體現金流表現，即使在稍微更激烈的競爭環境中，我也喜歡我們的結果。

So let me just add to that because our last point is obviously how we're managing the company for that balance, and we always can adjust that as we see things.

所以讓我補充一下，因為我們的最後一點顯然是我們如何管理公司以實現這種平衡，我們總是可以在看到事情時進行調整。

But you also want to look a little longer term and say, "What is your -- what's your strategic long-term advantage.

但你也想放眼長遠，然後說，“你的長期戰略優勢是什麼。

I think that's been embedded in some of the questions on broadband, particularly.

我認為這已經包含在一些關於寬帶的問題中，特別是。

And we're out with 1 gig is a big focus.

我們出去了 1 場演出是一個很大的焦點。

We said a minimum of 1 million this year.

我們說今年至少有 100 萬。

We're off to a nice start in the fourth quarter in broadband.

我們在第四季度的寬帶業務有了一個良好的開端。

And the question is how good's the runway.

問題是跑道有多好。

And what I look at is 25 meg is the new DSL or something like that, is that just nice, but not enough for what you want to do as you do shift your video behaviors and your Internet usage and all the innovation coming from Silicon Valley and elsewhere is driving that 40% bit rate increase per home per year.

我看到的是 25 meg 是新的 DSL 或類似的東西，是不是很好，但對於你想要做的事情來說還不夠，因為你確實改變了你的視頻行為和互聯網使用以及來自矽谷的所有創新其他地方正在推動每家每年 40% 的比特率增長。

And that's why we've increased speeds 12 years in a row.

這就是我們連續 12 年提高速度的原因。

So we see a runway.

所以我們看到了一條跑道。

We like our competitive advantage.

我們喜歡我們的競爭優勢。

And people build new footprint and we've seen this ups and downs come.

人們建立了新的足跡，我們已經看到了這種起伏。

You have to have a longer-term view and try to be steady and consistent.

你必須有長遠的眼光，並努力保持穩定和一致。

And that's what I think the way Dave is managing the company.

這就是我認為戴夫管理公司的方式。

Great.

偉大的。

If I could ask one quick follow-up on XFINITY Instant.

如果我能問一個關於 XFINITY Instant 的快速跟進。

You talked about the launch of mobile.

你談到了手機的推出。

But how is the launch gone for Instant TV?

但是 Instant TV 的推出如何？

And is there a chance that over time that can help support and even drive broadband given the attachment there?

是否有可能隨著時間的推移幫助支持甚至推動寬帶連接？

Well, it's -- we launched it fully throughout the footprint end of September.

嗯，它是 - 我們在 9 月底的整個足跡中全面推出了它。

As we mentioned before, I think Instant is a unique opportunity, really going after a segment.

正如我們之前提到的，我認為 Instant 是一個獨特的機會，真正追求一個細分市場。

And we take very segmented approaches to breaking down the marketplace without a set-top box.

我們採取非常細分的方法來打破沒有機頂盒的市場。

Customer doesn't want it.

客戶不想要。

It can deliver better margins.

它可以提供更好的利潤。

We're going to use it surgically.

我們將通過外科手術使用它。

It's a good retention opportunity as well, being able to talk to customers that are -- who wanted to talk about their choice and their options.

這也是一個很好的留住機會，能夠與想要談論他們的選擇和選擇的客戶交談。

But it's a -- it's not something.

但它是——它不是什麼東西。

Our go-to-market full approach is best of video X1, best of broadband, but we will use this surgically.

我們進入市場的完整方法是最好的視頻 X1，最好的寬帶，但我們將通過手術來使用它。

And it's way early.

而且時間還早。

but pleased with the -- just out of the gates response to it.

但很高興 - 只是對它的回應。

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。

A question on margins in cable.

關於電纜邊際的問題。

Can you talk -- one, are we still headed to programming numbers headed more to the mid- to high single digits next year?

你能談談 - 第一，我們是否仍會在明年將數字編程到中高個位數？

And second, nonprogramming OpEx has been decelerating.

其次，非編程 OpEx 一直在減速。

And on a per-customer relationship basis, it's actually declining at an accelerating pace.

在每個客戶關係的基礎上，它實際上正在加速下降。

Can this decline continue next year?

這種下降明年還能繼續嗎？

And how do you think about that?

你怎麼看？

Well, so we feel very good about what we've done this year in margins.

好吧，所以我們對今年在利潤方面所做的事情感到非常滿意。

So we'll be at flat to last year at 40.2%, which is for the year, and that's going to be inclusive of the storms and better than flat to 50 that -- when we started the year.

因此，我們將與去年持平，為今年的 40.2%，這將包括風暴，並且比年初時持平到 50 好。

And so on your second point on nonprogramming, I think Dave and team have been very focused on just driving a better customer experience, which is helping taking cost -- take cost out, a lot of reduction in calls and interactions both for new customers, a lot more digital interactions, which are lowering cost as well.

等等關於非編程的第二點，我認為 Dave 和團隊一直非常專注於推動更好的客戶體驗，這有助於降低成本 - 降低成本，大量減少新客戶的電話和互動，更多的數字交互，這也降低了成本。

So I'd say on a nonprogramming expense side, it's just continuous focus and improvements.

所以我想說在非編程費用方面，它只是持續關注和改進。

No one-offs and anything we've done in these past couple of periods of high programming cost increase.

在過去的幾個高編程成本增加時期，我們沒有做過任何一次性的事情。

So I think Dave and team continue to be focused on that.

所以我認為戴夫和團隊繼續專注於這一點。

We'll come back and talk about margins for next year when we get to the next call.

當我們接到下一次電話會議時，我們會回來討論明年的利潤。

But then on programming, we did say that next year, we start to see and we do continue to expect to see significant relief in programming cost growth.

但是在節目製作方面，我們確實說過明年，我們開始看到並且我們確實繼續期望看到節目成本增長的顯著緩解。

So beyond that, the key focus that we have is around just expense discipline and really focusing on the customer experience.

因此，除此之外，我們關注的重點只是費用紀律，真正關注客戶體驗。

The best way, I think, to drive transactions out is continued focus on investing in the customer experience.

我認為，推動交易的最好方法是繼續關注對客戶體驗的投資。

And the benefits are just not a onetime event.

好處不是一次性的。

So you look at -- especially as we are driving customer relationships, we're improving customer relationships, yet our nonprogramming OpEx continues to improve.

所以你看 - 特別是當我們推動客戶關係時，我們正在改善客戶關係，但我們的非編程運營支出繼續改善。

So it's just -- it's a better answer for the customer and a better answer financially.

所以它只是 - 這對客戶來說是一個更好的答案，也是一個更好的財務答案。

Your next question comes from the line of Jason Bazinet with Citi.

您的下一個問題來自花旗銀行的 Jason Bazinet。

Just had a question for Mr. Roberts.

剛想問羅伯茨先生。

In your press release, you talked about the broad range of growth opportunities and I was just writing down sort of the obvious ones from mobile to security to the opportunity Mr. Burke talked about in China.

在您的新聞稿中，您談到了廣泛的增長機會，而我只是寫下了從移動到安全再到 Burke 先生談到的中國機會的一些顯而易見的機會。

If you could just rank order for us, maybe over a 5-year period, what are the ones that you're most excited about in terms of driving EBITDA?

如果您可以為我們排序，也許在 5 年的時間裡，在推動 EBITDA 方面您最興奮的是什麼？

Well, I would start probably by saying if you've lumped, and I tried to do that a little bit earlier, and you call it broadband connectivity, both residential and business, that's now a $20 billion a year business.

好吧，我可能會先說，如果你把它混為一談，我早些時候嘗試過這樣做，你稱之為寬帶連接，包括住宅和商業，現在是每年 200 億美元的業務。

That is a big portion of our company.

這是我們公司的很大一部分。

That's growing at double-digit revenue growth, and it is very accretive to our margin.

這正以兩位數的收入增長，這對我們的利潤率非常有利。

So over the next 5 years, do I think broadband has opportunities to go to Internet of Things to smart home, to smart grid, to more consumption, whether it's video or 4K or virtual reality, augmented reality?

那麼在接下來的 5 年裡，我認為寬帶有機會去物聯網、智能家居、智能電網、更多消費，無論是視頻還是 4K 還是虛擬現實、增強現實？

Pick your excitement and your probability and say, "Will it be a good place for us to spend money to build capabilities and other companies don't have, fiber, backhaul, et cetera?

選擇你的興奮和你的可能性，然後說，“這對我們來說是一個花錢建立能力而其他公司沒有的好地方嗎？光纖，回程等等？

So clearly, that would be on the list.

很明顯，這將在名單上。

I think in content, one of the things Dave used the word differentiate.

我認為在內容上，戴夫使用了區分這個詞的一件事。

I think what Steve and the team have done at NBCUniversal, we have the fastest-growing media company, by my observation, by a lot.

我認為史蒂夫和他的團隊在 NBCUniversal 所做的事情是，據我觀察，我們擁有發展最快的媒體公司。

And we are a leader in a lot of categories.

我們在很多領域都是領先者。

So there's -- whether it was Telemundo or China or the theme parks in other places like Osaka, making us more of a global company, using our content to grow and to take advantage of new platforms and to study the changing landscape, are we going to be advantaged by that?

所以有 - 無論是 Telemundo 還是中國，還是大阪等其他地方的主題公園，讓我們更像是一家全球性公司，利用我們的內容來發展並利用新平台並研究不斷變化的景觀，我們會去嗎？從中受益？

I think so, and in animation.

我認為是這樣，在動畫中也是如此。

What sometimes happens is you get so focused on the areas that decline that you forget talk about areas that grow.

有時會發生的情況是，您過於專注於衰退的領域，以至於忘記了談論成長的領域。

And so I very much think it's important to balance that.

所以我非常認為平衡這一點很重要。

You can't ignore areas as they mature.

你不能忽視成熟的領域。

But there's a culture in our company that's very financially disciplined, and we look for profitable growth, and we keep using that phrase.

但是我們公司有一種文化，在財務上非常自律，我們尋求盈利的增長，我們一直在使用這個詞。

And I think everybody in the company understands what that means.

我認為公司裡的每個人都明白這意味著什麼。

And the last point I would make is we have completely transformed ourselves in terms of innovation.

我要說的最後一點是，我們在創新方面已經完全改變了自己。

And it's just unfortunate that most of you live in New York and some live in L.A. who make the content and they don't get to play with X1.

不幸的是，你們中的大多數人住在紐約，有些人住在洛杉磯，他們製作內容，卻沒有機會玩 X1。

But when you see the Olympics on X1 coming out in a couple of months, you will see a set of capabilities to help content reach consumers in a way that is unprecedented anywhere in the world on any platform.

但是當你看到 X1 上的奧運會在幾個月後出現時，你會看到一系列功能，可以幫助內容以一種在世界任何地方在任何平台上都前所未有的方式到達消費者手中。

And if you want the best products and you want increasingly the best service, you're going to come to our company and with the best content.

如果您想要最好的產品並且越來越想要最好的服務，那麼您將帶著最好的內容來到我們公司。

And so I think we have a very unique, very special company.

所以我認為我們有一家非常獨特、非常特別的公司。

Your next question comes from the line of Jonathan Chaplin with New Street Research.

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

I think what would be really helpful just in terms of the questions we're getting from investors is to understand in the areas where you're seeing competition.

我認為，就我們從投資者那裡得到的問題而言，真正有幫助的是了解你所看到的競爭領域。

How much of that is coming from AT&T going from 1 million fiber homes to 6 million fiber homes in the course of a very short space of time?

其中有多少來自 AT&T 在很短的時間內從 100 萬個光纖家庭增加到 600 萬個光纖家庭？

We know they're taking share in those -- in that portion of their footprint in general.

我們知道他們正在分享這些——在他們總體足蹟的那部分。

We just -- it would be great to know to what extent that's impacting trends in your business because that trend over the sort of the next 3 to 4 years, I think, was really -- was anticipated by The Street.

我們只是 - 很高興知道這在多大程度上影響了您的業務趨勢，因為我認為未來 3 到 4 年的這種趨勢確實是華爾街預期的。

Although it might not have been in 3Q numbers, it was a trend that we all knew that AT&T was going to 12.5 million or 14 million homes.

儘管它可能不在第三季度的數字中，但我們都知道 AT&T 將有 1250 萬或 1400 萬個家庭，這是一個趨勢。

And so how much of the impact is that versus really aggressive pricing for low-end products would be really helpful.

因此，與真正激進的低端產品定價相比，影響有多大真的很有幫助。

And then sorry to pile on, but to the extent that -- in that portion of your footprint, if we could get some color on how much X1 impacts the competitive dynamics and what you might be able to do to increase X1 penetration in that footprint to stave off losses, that would be really helpful.

然後很抱歉堆積，但在某種程度上 - 在您的足蹟的那部分，如果我們能夠了解 X1 對競爭動態的影響程度以及您可以做些什麼來增加 X1 在該足跡中的滲透率為了避免損失，那將非常有幫助。

Okay.

好的。

So let me start with broadband and AT&T.

因此，讓我從寬帶和 AT&T 開始。

So there's no question they've added some more footprint in regards to some more, what I would call, more low-end broadband.

因此，毫無疑問，他們在更多的方面增加了一些足跡，我稱之為更多的低端寬帶。

And so when you do that, you see some impact.

所以當你這樣做時，你會看到一些影響。

Our game plan -- we anticipated this.

我們的遊戲計劃——我們預料到了這一點。

We obviously see some of this coming.

我們顯然看到了其中的一些。

And our view is to deliver the best product, period.

我們的觀點是提供最好的產品。

And that -- we will constantly increase speeds.

那——我們將不斷提高速度。

That's why we've been so focused on WiFi.

這就是我們如此專注於 WiFi 的原因。

We believe your broadband experience is defined at how great WiFi is.

我們相信您的寬帶體驗取決於 WiFi 的強大程度。

And that's why we've put as much effort into the best gateway device and including innovation like mesh WiFi capability in the home with Plume devices that really, I think, help us stand out.

這就是為什麼我們在最好的網關設備上付出了同樣多的努力，並在我認為真正幫助我們脫穎而出的 Plume 設備中包括了家庭中的網狀 WiFi 功能等創新。

We always -- we evaluate competition.

我們總是——我們評估競爭。

We look at competition.

我們著眼於競爭。

And whether it's slightly ebbs and flows, a little bit more HSD only, we make adjustments -- modest adjustments all the time.

無論是輕微的潮起潮落，還是更多的HSD，我們都會進行調整——一直進行適度的調整。

We're not going to chase low end.

我們不會追求低端。

Our general approach, we provide superior products.

我們的一般做法是，我們提供卓越的產品。

We differentiate around that.

我們對此進行區分。

We'll continue to do so.

我們將繼續這樣做。

So on X1, yes, I mentioned before that it really is, I think, does make a difference.

所以在 X1 上，是的，我之前提到過，我認為它確實會有所作為。

We're very different in regards to video competition.

我們在視頻比賽方面非常不同。

And I think the results reflect that.

我認為結果反映了這一點。

And if you look at the overall video market performance, for us to come in at, perhaps, 0.5 point, that's very different.

如果你看一下整個視頻市場的表現，對於我們來說，也許是 0.5 分，這是非常不同的。

And I think, to some extent, it's driven by X1.

我認為，在某種程度上，它是由 X1 驅動的。

And so we look at the benefits of X1, how we compete in terms of acquiring customers, how we retain customers.

因此，我們著眼於 X1 的優勢，我們如何在獲取客戶方面進行競爭，我們如何留住客戶。

There are churn benefits.

有流失的好處。

And there's revenue opportunities we continue to see.

我們繼續看到收入機會。

So our view is that X1 continues to give us a good answer in how we compete and we'll remain disciplined going after better, more profitable video customers.

所以我們的觀點是，X1 在我們如何競爭方面繼續給我們一個很好的答案，我們將繼續保持紀律，追求更好、更有利可圖的視頻客戶。

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

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

I'm going to -- I think it's for Dave.

我要——我想是給戴夫的。

I think one of the key things that we are trying to figure out, obviously, we know that broadband margins, on a contribution basis, is higher, but there's a lot of shared costs below across multiple products.

我認為我們試圖弄清楚的關鍵問題之一，顯然，我們知道寬帶利潤率，在貢獻的基礎上，更高，但在多個產品之間有很多共享成本低於。

But when you start to look at truck rolls and what the main reasons for that are or cost coming in, what the main reasons for that are.

但是，當您開始查看上門服務以及造成這種情況的主要原因或成本時，主要原因是什麼。

So if you had to sort of disaggregate a product that's been bundled, unfortunately.

因此，不幸的是，如果您不得不對捆綁的產品進行分類。

That's what we're trying to do.

這就是我們正在嘗試做的事情。

Any help on what those shared costs mix is between the various products?

對各種產品之間的共享成本組合有何幫助？

It would be really helpful if any color on that.

如果上面有任何顏色，那將非常有幫助。

And then just very simply on -- Comcast has the best broadband offering in terms of speeds and capabilities.

然後就很簡單了——康卡斯特在速度和功能方面擁有最好的寬帶產品。

But if we price that product lower, would subscribers be higher, in a sense?

但是，如果我們降低該產品的價格，從某種意義上說，訂閱者會更高嗎？

Is there real elasticity for subscriber growth if you priced your product low?

如果您將產品定價低，用戶增長是否有真正的彈性？

Well, thank you.

嗯，謝謝。

So we really don't break out cost.

所以我們真的不分攤成本。

But we do compete and if we go after either low-end broadband offers and, again, a good example of that is Instant TV, where you accompany a product that does not have a video set-top box being able to deliver it or if it's HSD only, it's easier to deliver through the self-install kits that drive down cost, easier for customers to activate it on their own.

但我們確實存在競爭，如果我們追求低端寬帶產品，那麼一個很好的例子就是即時電視，您可以使用沒有視頻機頂盒的產品來提供它，或者如果它只是 HSD，通過降低成本的自安裝套件更容易交付，客戶更容易自行激活它。

So there are opportunities to drive down operating costs, but we don't break that out across the different product lines.

因此，有機會降低運營成本，但我們不會將其分解到不同的產品線中。

So in terms of elasticity, we compete across a wide variety of broadband business.

因此，就彈性而言，我們在各種寬帶業務中展開競爭。

And our view is always to lead to a strength that we are different.

我們的觀點始終是導致我們與眾不同的力量。

We lead with the best product, put them together with a great video.

我們以最好的產品為主導，並通過精彩的視頻將它們組合在一起。

And we think, over time, we're going to have -- in terms of broadband performance, you've got to look at the entire year and in terms of what we're doing, again, consecutive years that we're going to deliver over 1 million broadband net customers and we just consistently do that over and over again.

而且我們認為，隨著時間的推移，我們將擁有 - 就寬帶性能而言，您必須查看全年以及我們正在做的事情，再次，我們將連續幾年為超過 100 萬寬帶網絡客戶提供服務，而我們只是一遍又一遍地這樣做。

And as Brian said earlier, a strong finish to the year is expected.

正如布賴恩早些時候所說，預計今年會有一個強勁的收尾。

And we think our ability to compete with what we have, the best product is the answer.

我們認為我們有能力與我們所擁有的競爭，最好的產品就是答案。

Let's say that without breaking out the cost that a majority of cable's cash flow is broadband, not video, and that is because of programming costs and all the things that we've been talking about, and we have now more subs.

假設不打破成本，有線電視的大部分現金流是寬帶，而不是視頻，那是因為節目成本和我們一直在談論的所有事情，我們現在有更多的訂閱者。

And let me just end by, again, going to one number that I'm proud of, that for the first 9 months, we're up 8.5% cash flow.

最後，讓我再次談談我引以為豪的一個數字，即在前 9 個月，我們的現金流增長了 8.5%。

So I think we've got a balance between units, innovation, financial performance and great content and leadership in our 2 businesses.

因此，我認為我們在兩個業務的單位、創新、財務業績以及出色的內容和領導力之間取得了平衡。

And we thank you for your support.

我們感謝您的支持。

Yes.

是的。

Thanks, Brian.

謝謝，布賴恩。

We'll wrap up the call there.

我們將在那裡結束通話。

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, November 2 at midnight Eastern Time.

它將持續到東部時間 11 月 2 日星期四午夜。

The dial-in number is (855) 859-2056 and the conference ID number is 82436454.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 82436454。

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。