康卡斯特 (CMCSA) 2017 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's fourth-quarter and full-year 2017 earnings conference call.

女士們，先生們，早上好，歡迎參加康卡斯特 2017 年第四季度和全年財報電話會議。

(Operator Instructions).

（操作員說明）。

Please note that this conference call is being recorded.

請注意，本次電話會議正在錄音中。

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

我現在將把電話轉給投資者關係和財務高級副總裁 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 number two, 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，現在讓我請您參考第二張幻燈片，其中包含我們的安全港免責聲明，並提醒您，本次電話會議可能包括受某些風險和不確定性影響的前瞻性陳述。

In addition, in this call we will refer to certain non-GAAP financial measures.

此外，在本次電話會議中，我們將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。

Across Comcast NBCUniversal, our Company is executing at a high level, and I'm proud to report fantastic results for both the fourth-quarter and full-year 2017.

在 Comcast NBCUniversal，我們公司的執行水平很高，我很自豪地報告 2017 年第四季度和全年的出色業績。

Starting with the fourth quarter at Cable Communications, we continued to have strength in our connectivity business, where we added 350,000 net new broadband customers and increased business services' revenue by 12.2%, as well as continued improvements as a result of our investments in the customer experience.

從有線電視通信公司第四季度開始，我們在連接業務方面繼續保持優勢，我們增加了 350,000 個淨新寬帶客戶，業務服務收入增加了 12.2%，並且由於我們在客戶體驗。

At NBCUniversal we had a terrific quarter, driven by robust affiliate fee and retrans growth; a successful holiday season at our theme parks, capping off a great 2017; and record profitability at film.

在 NBCUniversal，我們有一個非常棒的季度，這得益於強勁的加盟費和轉播增長；在我們的主題公園度過一個成功的假期，為 2017 年畫上圓滿的句號；和創紀錄的電影盈利能力。

Perhaps even better, this exceptional performance in 2017 positions us well as we enter 2018.

或許更好的是，2017 年的這一非凡表現使我們在進入 2018 年時處於有利地位。

The recent passage of tax reform provides real and immediate benefits for our Company that will further enhance our financial position; and will, in turn, enable us to do more of the things that help us better serve our customers, our employees, and the communities where we operate, as well as drive value for our shareholders.

最近通過的稅制改革為我們公司提供了真正和直接的好處，這將進一步提高我們的財務狀況；反過來，這將使我們能夠做更多的事情，幫助我們更好地為我們的客戶、我們的員工和我們經營所在的社區服務，並為我們的股東創造價值。

This means continuing to develop the most innovative products and services; investing where we see high returns in opportunities to drive growth, including in our broadband network, TV, film, and theme park offerings; and continuing to deliver a healthy return of capital to shareholders.

這意味著繼續開發最具創新性的產品和服務；投資於我們認為高回報的機會以推動增長，包括我們的寬帶網絡、電視、電影和主題公園產品；並繼續為股東帶來健康的資本回報。

Based on this solid foundation and our confidence in our outlook, today we are announcing a 21% increase in our dividend, which is our 10th consecutive annual increase.

基於這一堅實的基礎和我們對前景的信心，今天我們宣布將股息增加 21%，這是我們連續第 10 年增加股息。

We also expect to repurchase at least $5 billion in stock in 2018.

我們還預計在 2018 年回購至少 50 億美元的股票。

With that, let me talk about a few of our achievements this past year.

有了這個，讓我談談我們在過去一年中取得的一些成就。

Our Company has an excellent track record of delivering strong, consistent results, and this continued in 2017 with EBITDA growth of 6%.

我們公司在提供強勁、一致的業績方面有著出色的業績記錄，並且在 2017 年繼續保持這種勢頭，EBITDA 增長了 6%。

At Cable Communications, we look to balance subscriber growth with financial performance, and we achieved this in 2017.

在 Cable Communications，我們希望在用戶增長與財務業績之間取得平衡，我們在 2017 年實現了這一目標。

We increased EBITDA by 5% and added 770,000 net new customer relationships.

我們將 EBITDA 提高了 5%，並增加了 770,000 個淨新客戶關係。

During 2017, we continued to direct more of our strategic focus toward our connectivity business, which collectively generated over $20 billion in revenues and grew 10%.

2017 年，我們繼續將更多的戰略重點放在連接業務上，該業務共創造了超過 200 億美元的收入並增長了 10%。

This includes broadband, where we added 1.2 million net new customers.

這包括寬帶，我們增加了 120 萬淨新客戶。

We continue to differentiate in broadband with the deployment of DOCSIS 3.1, enabling gigabit speeds in our footprint, and our new xFi platform, which gives customers more control of their in-home Wi-Fi experience.

我們通過部署 DOCSIS 3.1 繼續在寬帶領域實現差異化，在我們的足跡中實現千兆速度，以及我們新的 xFi 平台，讓客戶能夠更好地控制他們的家庭 Wi-Fi 體驗。

Business services exited the year at a $6.5 billion revenue run rate.

商業服務以 65 億美元的收入運行率退出了這一年。

And what's particularly exciting is the room for growth ahead, as we have the opportunity to take more share in each of our customer segments.

尤其令人興奮的是未來的增長空間，因為我們有機會在每個客戶群中佔據更多份額。

In 2017, we made an exciting new addition to our bundle with Xfinity Mobile, and the service is off to a terrific start.

2017 年，我們為 Xfinity Mobile 捆綁包添加了令人興奮的新功能，該服務的開端非常棒。

After launching the business from ground up in May, we ended the year with more than 380,000 customer lines and real momentum.

在 5 月份從頭開始開展業務後，我們以超過 380,000 個客戶線和真正的勢頭結束了這一年。

Customers have really responded to our unique, by-the-gig offering, the simple and intuitive ordering process, and digital-first customer experience.

客戶確實對我們獨特的按服務提供、簡單直觀的訂購流程和數字優先的客戶體驗做出了回應。

With Xfinity Mobile now fully rolled out in our retail stores and new features like our recent introduction of bring your own device, we are enthusiastic about what's coming in 2018.

隨著 Xfinity Mobile 現在在我們的零售店全面推出，以及我們最近推出的自帶設備等新功能，我們對 2018 年即將推出的功能充滿熱情。

2017 also brought a new normal to competition in video, including more aggressive offers from traditional and emerging competitors.

2017 年還為視頻競爭帶來了新常態，包括來自傳統和新興競爭對手的更積極的報價。

While we remain disciplined and are not in the business of chasing volume at any cost, we more than held our own in this environment.

雖然我們保持自律並且不以任何代價追逐數量，但在這種環境下，我們不僅擁有自己的優勢。

With our culture of innovation, we are well equipped to compete in this evolving marketplace.

憑藉我們的創新文化，我們完全有能力在這個不斷發展的市場中競爭。

Our X1 platform enables us to be the aggregator of aggregators of the content our customers love, and we are continuously improving X1 to deliver an even better experience.

我們的 X1 平台使我們能夠成為客戶喜愛的內容聚合器的聚合器，並且我們不斷改進 X1 以提供更好的體驗。

This past year we added many new features and functionalities.

在過去的一年中，我們添加了許多新特性和功能。

To name a few, we integrated YouTube into the platform, added new music experiences through Pandora and iHeartRadio, and leveraged the power of our amazing voice remote to give customers a unique way to vote on NBC's hit show, The Voice.

僅舉幾例，我們將 YouTube 集成到平台中，通過 Pandora 和 iHeartRadio 添加新的音樂體驗，並利用我們令人驚嘆的語音遙控器的強大功能，為客戶提供一種獨特的方式來對 NBC 的熱門節目 The Voice 進行投票。

We now have nearly 20 million voice remotes deployed.

我們現在部署了近 2000 萬個語音遙控器。

Perhaps most significantly at cable, our ongoing efforts to improve the experience drove tangible benefits for our customers and to our financials this year.

也許在有線電視公司最重要的是，我們為改善體驗所做的持續努力為我們的客戶和今年的財務帶來了實實在在的好處。

We are making measurable progress in many key areas.

我們在許多關鍵領域都取得了可衡量的進展。

And notably, in 2017, we reduced calls handled by our agents by 10%, and the percentage of customers interacting with us only digitally grew by double digits year-over-year.

值得注意的是，在 2017 年，我們將座席處理的電話減少了 10%，僅以數字方式與我們互動的客戶比例同比增長了兩位數。

It's been an outstanding year for Cable Communications, which speaks to the strong leadership from Dave Watson for many years, and particularly since he took the CEO position last spring.

對於有線電視通信公司來說，這是傑出的一年，這說明了戴夫·沃森多年來的強大領導能力，特別是自去年春天擔任首席執行官以來。

At NBCUniversal, achieving double-digit EBITDA growth for the fifth consecutive year was one of the many highlights of 2017.

在 NBCUniversal，連續第五年實現兩位數的 EBITDA 增長是 2017 年的眾多亮點之一。

In Filmed Entertainment, we crossed $5 billion in worldwide box office for the second time in Universal's 105-year history, driven by a wide range of theatrical releases, including key franchises like 50 Shades and Fast & Furious; continued success in animation with Despicable Me 3; and hits like Get out, Split, and Darkest Hour.

在電影娛樂方面，我們在環球影業 105 年曆史上第二次突破 50 億美元的全球票房，這得益於廣泛的影院發行，包括 50 度陰影和速度與激情等主要特許經營權； 《神偷奶爸 3》在動畫方面繼續取得成功；以及熱門歌曲，例如 Get out、Split 和 Darkest Hour。

2017 was our film business' most profitable year ever.

2017 年是我們電影業務有史以來最賺錢的一年。

In our television businesses, in an evolving media landscape, having great content is critical, and our portfolio of must-see sports, news, and entertainment stands out in this regard.

在我們的電視業務中，在不斷發展的媒體環境中，擁有出色的內容至關重要，而我們必看的體育、新聞和娛樂產品組合在這方面脫穎而出。

In many instances, we have more end users of our content than ever before.

在許多情況下，我們的內容最終用戶比以往任何時候都多。

Our increased affiliate fees and retrans resulting from successful distribution renewals, as well as our strong content licensing growth in 2017, are evidence of the value of our portfolio.

我們因成功的發行續訂而增加的會員費用和重新傳輸，以及我們在 2017 年強勁的內容許可增長，都證明了我們產品組合的價值。

In addition, NBC continues to lead in ratings, winning the 52-week season for the fourth consecutive year, and is currently ahead of the competition by a wide margin in this new season.

此外，NBC在收視率上繼續領先，連續第四年贏得52週的賽季，目前在這個新賽季中遙遙領先於競爭對手。

Telemundo also remains number one, following its first-ever win of the 2016-2017 season.

在 2016-2017 賽季首次獲勝後，Telemundo 也保持第一。

At Cable Networks, USA was number one for an unprecedented 12th consecutive year.

在有線電視網絡，美國連續第 12 年空前地排名第一。

And I'd like to congratulate MSNBC, which had an impressive year with record rating in total viewers and in demo across every daypart, and had the fastest growth among any cable network, with 36% prime growth in demo.

我要祝賀 MSNBC，它取得了令人印象深刻的一年，在每一天的總觀眾和演示中都創下了記錄，並且在所有有線網絡中增長最快，演示增長了 36%。

Finally, our Universal Theme Parks continued to have great success in 2017, with 9% EBITDA growth driven by Harry Potter in Hollywood and new attractions like Volcano Bay in Orlando and Minion Park in Japan.

最後，我們的環球主題公園在 2017 年繼續取得巨大成功，好萊塢的哈利波特以及奧蘭多的火山灣和日本的小黃人公園等新景點推動了 9% 的 EBITDA 增長。

I want to underscore how pleased we are with our Japan investment from just two years ago.

我想強調我們對兩年前在日本的投資感到非常高興。

As our 2017 performance across NBCUniversal demonstrates, our wonderful team have put us in a position to succeed in these rapidly evolving media businesses in this changing landscape.

正如我們 2017 年在 NBCUniversal 的表現所表明的那樣，我們出色的團隊使我們能夠在不斷變化的環境中在這些快速發展的媒體業務中取得成功。

Not every company can say that.

不是每家公司都能這麼說。

With the pace of change in the industry accelerating, many of our peers are reevaluating their strategies, as we've seen recently.

正如我們最近看到的那樣，隨著行業變革步伐的加快，我們的許多同行正在重新評估他們的戰略。

So along the way there may be opportunities for us to create more value for our shareholders, like we did with NBCUniversal.

因此，在此過程中，我們可能有機會為股東創造更多價值，就像我們對 NBCUniversal 所做的那樣。

In this respect, it shouldn't be a surprise that we study every situation that comes along.

在這方面，我們研究出現的每一種情況應該不足為奇。

We believe our shareholders expect this from us.

我們相信我們的股東期望我們這樣做。

But the bar is set high, and we have been and will remain disciplined.

但是門檻很高，我們一直並將繼續保持紀律。

Now let me talk about some of the things we are looking forward to across our businesses in 2018 and beyond.

現在讓我談談我們在 2018 年及以後的業務中期待的一些事情。

We're excited to have the Super Bowl at NBC and the Winter Olympics just days away.

我們很高興能在幾天后在 NBC 舉辦超級碗比賽和冬季奧運會。

There's no better example of how our entire Company works together than the Olympics.

沒有比奧運會更能說明我們整個公司如何合作的例子了。

We're so proud to be the company that brings the Games to millions of Americans, combining the incredible and heartwarming storytelling from NBCUniversal with the world-class technology of Comcast Cable.

我們很自豪能成為將奧運會帶給數百萬美國人的公司，將 NBCUniversal 令人難以置信和感人的故事與 Comcast Cable 的世界級技術相結合。

This year, Comcast NBCUniversal will deliver the most live, the most mobile, the most technologically advanced Winter Olympics ever.

今年，康卡斯特 NBCUniversal 將提供有史以來最現場直播、移動性最強、技術最先進的冬奧會。

NBC will provide a record 2,400 hours of coverage, more than the last two Winter Games combined.

NBC 將提供創紀錄的 2,400 小時的報導，超過過去兩屆冬季奧運會的總和。

And the best place to experience this coverage will be through our Olympics dashboard on X1, with new and enhanced content and features that will enable users to customize and control their experience across platforms.

體驗這種報導的最佳地點是通過我們在 X1 上的奧運會儀表板，其中包含新的和增強的內容和功能，使用戶能夠跨平台自定義和控制他們的體驗。

In our TV businesses, with the Super Bowl and Winter Olympics as well as the World Cup on Telemundo later this year, we should further build on our ratings leadership from 2017.

在我們的電視業務中，隨著今年晚些時候在 Telemundo 上舉辦的超級碗和冬季奧運會以及世界杯，我們應該從 2017 年起進一步鞏固我們在收視率方面的領先地位。

More broadly, our strategy will continue to center on having must-see content that drives multiple monetization streams from advertising, to content licensing, to distribution on both traditional and emerging TV platforms.

更廣泛地說，我們的戰略將繼續集中在推動從廣告到內容許可再到傳統和新興電視平台分發的多種貨幣化流的必看內容。

At Theme Parks, I was just in Orlando a couple of weeks ago and came away feeling even more bullish on our outlook for the parks.

在主題公園，幾週前我剛在奧蘭多，離開時對我們對公園的前景感到更加樂觀。

In 2018, we will benefit from a full year of Volcano Bay and Minion Park, as well as new attractions that leverage our intellectual property, like Fast & Furious in Orlando and Kung Fu Panda in Hollywood.

2018 年，我們將受益於全年的火山灣和小黃人公園，以及利用我們知識產權的新景點，如奧蘭多的《速度與激情》和好萊塢的《功夫熊貓》。

We also continue to make progress toward opening our new Beijing theme park in the next few years, and have exciting growth plans for Japan.

我們還將繼續在未來幾年開設新的北京主題公園方面取得進展，並為日本製定令人興奮的增長計劃。

Finally, in film, while we will not beat our 2017 performance, we expect 2018 to be a solid year with some of our best franchises returning, including Jurassic World and 50 Shades.

最後，在電影方面，雖然我們不會超過 2017 年的表現，但我們預計 2018 年將是穩健的一年，我們的一些最佳特許經營權將回歸，包括侏羅紀世界和 50 度陰影。

We are excited for 2019 and beyond, when a more robust animation slate is planned.

我們對 2019 年及以後感到興奮，屆時我們計劃推出更強大的動畫計劃。

Over at Cable Communications, we expect another strong year in 2018, while video continues to evolve, as I mentioned.

正如我所提到的，在有線電視通信公司，我們預計 2018 年將是另一個強勁的一年，而視頻將繼續發展。

We remain committed to innovating video and delivering the premier experience for customers through X1.

我們仍然致力於創新視頻並通過 X1 為客戶提供一流的體驗。

And I'm really excited about our long runway ahead in high-speed data.

我對我們在高速數據方面的長長跑道感到非常興奮。

In 2018, we will continue to differentiate our product by providing gigabit speeds at scale, offering one of the most powerful gateways for the home, and augmenting Wi-Fi coverage and control with xFi and the rollout of our fabulous little pods.

2018 年，我們將繼續通過大規模提供千兆速度、為家庭提供最強大的網關之一、通過 xFi 增強 Wi-Fi 覆蓋和控制以及推出我們出色的小吊艙來區分我們的產品。

With connectivity increasingly at the epicenter of our relationship with customers, we have the opportunity to provide whole-home solutions that integrate and help manage all of the devices our customers rely on.

隨著連接日益成為我們與客戶關係的中心，我們有機會提供集成並幫助管理客戶所依賴的所有設備的整體家庭解決方案。

In business services, we're still in the early stages of bringing our superior products to the large addressable markets in midsized and enterprise customers.

在商業服務方面，我們仍處於將我們的優質產品推向中型和企業客戶的大型潛在市場的早期階段。

And lastly in 2018, we will look to build on and accelerate our early success with Xfinity Mobile.

最後，在 2018 年，我們將藉助 Xfinity Mobile 鞏固並加速我們的早期成功。

So, our plan is to continue to invest in product innovation while we strive to make interacting with us simpler and more consistent, and, increasingly, all digital.

因此，我們的計劃是繼續投資於產品創新，同時努力使與我們的互動更簡單、更一致，並且越來越全數字化。

This will improve the experience for our customers and also help us continue to take cost out of the business in 2018, as Mike will discuss in more detail.

這將改善我們客戶的體驗，並幫助我們在 2018 年繼續降低業務成本，正如 Mike 將更詳細地討論的那樣。

As we kick off 2018, I feel great about Comcast.

在我們開始 2018 年之際，我對康卡斯特感覺很好。

We have significant momentum.

我們有很大的動力。

And we are building on our consistent investment, growth, and strength, and look forward to an even more exciting future.

我們正在鞏固我們一貫的投資、增長和實力，並期待著更加激動人心的未來。

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 will begin by reviewing our consolidated results on slides 4 and 5. Revenue increased 4.2% to $21.9 billion for the fourth quarter, and increased 5.1% to $84.5 billion for the full year.

我將首先回顧我們在幻燈片 4 和 5 上的綜合業績。第四季度收入增長 4.2% 至 219 億美元，全年增長 5.1% 至 845 億美元。

Fourth-quarter adjusted EBITDA of $6.8 billion was relatively flat compared to last year.

第四季度調整後的 EBITDA 為 68 億美元，與去年相比相對持平。

And for the full year, EBITDA of $28.1 billion increased 6.2%.

全年，EBITDA 為 281 億美元，增長 6.2%。

Results for the quarter reflect healthy EBITDA growth of 4.2% and 6.4% for cable and NBCUniversal, respectively.

本季度的業績反映了有線電視和 NBCUniversal 的 EBITDA 健康增長分別為 4.2% 和 6.4%。

The corporate and other results include $171 million related to a special employee bonus following the passage of tax reform, and negative $176 million of EBITDA from the launch of our wireless business.

公司業績和其他業績包括與稅改通過後的特殊員工獎金相關的 1.71 億美元，以及無線業務推出後的 1.76 億美元的負 EBITDA。

Adjusted earnings per share increased 8.9% to $0.49 for the quarter, and 18.4% to $2.06 for the year.

本季度調整後每股收益增長 8.9% 至 0.49 美元，全年增長 18.4% 至 2.06 美元。

These results exclude $12.7 billion of net income tax benefits primarily associated with the change in our deferred income tax liability as a result of the 2017 tax reform legislation.

這些結果不包括 127 億美元的淨所得稅優惠，這主要與我們因 2017 年稅收改革立法而導致的遞延所得稅負債的變化有關。

Details of our EPS adjustments are provided in table 4 in our press release.

我們新聞稿中的表 4 提供了我們每股收益調整的詳細信息。

And finally, free cash flow was $2 billion in the quarter and $9.6 billion for the full year.

最後，本季度的自由現金流為 20 億美元，全年為 96 億美元。

Now let's turn to Cable Communications on slide 6. Before going into the details of the quarter, I'd like to provide a couple of highlights for the year in the Cable Communications business.

現在讓我們轉到幻燈片 6 上的有線通信。在進入本季度的詳細信息之前，我想提供一些今年有線通信業務的亮點。

Our full-year cable revenue increased 4.9%, and EBITDA increased 5.3% while we grew customer relationships by 770,000 to more than 29 million.

我們的全年有線電視收入增長 4.9%，EBITDA 增長 5.3%，同時我們的客戶關係增加了 770,000 至超過 2900 萬。

These results were driven by our connectivity businesses, including high-speed data and business services, which totaled more than $20 billion in revenue, which grew over 10% in 2017.

這些業績是由我們的連接業務推動的，包括高速數據和商業服務，其總收入超過 200 億美元，2017 年增長超過 10%。

We are focused on striking the right balance between strong financial results and growth in our customer metrics, and we believe our results clearly reflect this effort.

我們專注於在強勁的財務業績和客戶指標的增長之間取得適當的平衡，我們相信我們的業績清楚地反映了這一努力。

Now let's dive into the details of our quarterly results.

現在讓我們深入了解我們的季度業績的細節。

Revenue increased 3.4% to $13.3 billion, and EBITDA increased 4.2% to $5.4 billion in the fourth quarter.

第四季度收入增長 3.4% 至 133 億美元，EBITDA 增長 4.2% 至 54 億美元。

Starting with our residential business, high-speed Internet continues to be the largest contributor to overall cable growth, with revenue increasing 8.4% to $3.8 billion in the quarter.

從我們的住宅業務開始，高速互聯網繼續成為整體有線電視增長的最大貢獻者，本季度收入增長 8.4% 至 38 億美元。

These results were driven by a net increase in our customer base, adding 318,000 net new residential high-speed Internet customers, as well as rate adjustments.

這些結果是由我們客戶群的淨增長推動的，淨新增住宅高速互聯網客戶 318,000 名，以及費率調整。

Our customers continue to get more value with their subscriptions as they use our product more, and benefit from our increasing speeds.

隨著我們的客戶更多地使用我們的產品，並從我們不斷提高的速度中受益，我們的客戶繼續通過訂閱獲得更多價值。

Our customers' median monthly data usage was 131 gigabits per month for the second half of 2017, an increase of 48% year-over-year.

2017 年下半年，我們客戶的每月數據使用量中位數為每月 131 Gb，同比增長 48%。

And at year end, 75% of our residential customers received speeds of 100 megabits per second or higher compared to about 50% a year ago, reflecting our efforts to lift baseline speeds across our entire customer base.

到年底，我們 75% 的住宅客戶獲得了每秒 100 兆比特或更高的速度，而一年前這一比例約為 50%，這反映了我們為提高整個客戶群的基線速度所做的努力。

We are focused on driving market share gains by continuing to enhance our competitive differentiation with improvements to speed, coverage, and control.

我們專注於通過改進速度、覆蓋範圍和控制來繼續增強我們的競爭差異化，從而推動市場份額的增長。

We head into 2018 offering nearly 80% of our footprint gigabit speeds enabled by DOCSIS 3.1; and our new, advanced wireless gateway.

我們進入 2018 年，提供 DOCSIS 3.1 支持的近 80% 的千兆位速度；以及我們新的高級無線網關。

In addition, we are rolling out xFi Pod network extenders to increase Wi-Fi coverage in the home, and our xFi app, which offers an unrivaled level of control.

此外，我們正在推出 xFi Pod 網絡擴展器以增加家庭中的 Wi-Fi 覆蓋範圍，以及我們的 xFi 應用程序，它提供了無與倫比的控制水平。

With our current broadband penetration of homes and businesses passed at 45%, we believe we have plenty of runway for continued high-speed data customer growth.

由於我們目前的家庭和企業寬帶普及率為 45%，我們相信我們有足夠的空間來持續高速數據客戶增長。

Switching to video, revenue increased 1.5% to $5.7 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services, partially offset by the net loss of video customers.

轉向視頻，本季度收入增長 1.5% 至 57 億美元，主要是由於費率調整以及客戶訂閱額外服務，部分被視頻客戶的淨損失所抵消。

We had 38,000 residential video customer net losses in the quarter, reflecting ongoing competition in the video marketplace.

本季度我們有 38,000 名住宅視頻客戶淨虧損，反映了視頻市場的持續競爭。

Our newest product for our cable customers is Xfinity Mobile, which I'll comment on now, even though the results are reported in corporate during the launch period of the business.

我們為有線電視客戶提供的最新產品是 Xfinity Mobile，我現在將對它進行評論，儘管結果是在業務啟動期間在公司中報告的。

We're off to a great start, ending the year with over 380,000 customer lines, having added 187,000 lines in the quarter.

我們有一個良好的開端，今年結束時有超過 380,000 條客戶線，本季度增加了 187,000 條線。

We believe Xfinity Mobile is a big opportunity to continue to drive the bundling strategy of the cable business.

我們認為 Xfinity Mobile 是繼續推動有線電視業務捆綁戰略的大好機會。

Financially, we had a $480 million EBITDA loss for 2017.

在財務方面，我們 2017 年的 EBITDA 虧損為 4.8 億美元。

And in 2018, wireless EBITDA losses could be a couple of hundred million dollars higher, reflecting our expectation of a successful ramp in subscriber acquisitions.

而在 2018 年，無線 EBITDA 損失可能會高出幾億美元，這反映了我們對用戶收購成功增長的預期。

Moving on to business services, which continues to be a top driver of overall cable results, we delivered another strong quarter of double-digit growth with revenue increasing 12.2% to $1.6 billion during the quarter, primarily driven by customer growth.

繼續作為整體有線電視業績的主要推動力的商業服務，我們實現了又一個強勁的季度兩位數增長，本季度收入增長 12.2% 至 16 億美元，主要受客戶增長的推動。

We added 33,000 business customer relationships in the quarter and 135,000 relationships for the year, and grew revenue per business customer relationship by 5%.

我們在本季度增加了 33,000 個商業客戶關係，在本年度增加了 135,000 個關係，每個商業客戶關係的收入增長了 5%。

All business services segments -- small, medium-sized, and now enterprise -- are focused on connectivity, and have substantial room for future growth.

所有商業服務領域——中小型企業，現在都是企業——都專注於連接性，並擁有巨大的未來增長空間。

Turning to slide 7, cable expenses and margin, our fourth-quarter EBITDA margin was 40.7%, up 30 basis points compared to the fourth quarter of 2016.

轉到幻燈片 7，有線電視費用和利潤率，我們第四季度的 EBITDA 利潤率為 40.7%，與 2016 年第四季度相比上升了 30 個基點。

Our full-year EBITDA margin of 40.3% was up 10 basis points compared to the prior year.

我們的全年 EBITDA 利潤率為 40.3%，比上一年提高了 10 個基點。

For 2018, we believe our margins could be as much as 50 basis points higher than the 2017 full-year results, reflecting growth in our high-margin connectivity business and our focus on cost controls.

對於 2018 年，我們認為我們的利潤率可能比 2017 年全年業績高出多達 50 個基點，這反映了我們高利潤率的連接業務的增長以及我們對成本控制的關注。

Programming expenses increased 10% in the quarter and 11.5% for the full year, reflecting the timing of several contract renewals.

本季度的編程費用增長了 10%，全年增長了 11.5%，這反映了幾項合同續籤的時間安排。

In 2018, we expect programming cost growth to meaningfully moderate from the higher-than-normal years we experienced in 2016 and 2017.

與 2016 年和 2017 年高於正常水平的年份相比，我們預計 2018 年的節目成本增長將顯著放緩。

Non-programming expenses declined 1.5% this quarter and were relatively flat for the full year.

本季度非編程支出下降 1.5%，全年基本持平。

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

這反映了我們在客戶體驗計劃以及整體成本管理方面進行的投資所帶來的好處。

Notably, customer service expense declined 2% this quarter and 1.1% for the year, even as customer relationships grew by 2.7%.

值得注意的是，本季度客戶服務費用下降了 2%，全年下降了 1.1%，儘管客戶關係增長了 2.7%。

In 2018, we expect to see continued benefits from our customer experience initiatives and focus on disciplined cost management.

2018 年，我們預計將繼續從我們的客戶體驗計劃中受益，並專注於嚴格的成本管理。

Now let's move onto NBCUniversal's results.

現在讓我們看看 NBCUniversal 的結果。

On slide 8, NBCUniversal's revenues increased 3.9%, and EBITDA increased to 6.4% to $1.9 billion in the quarter.

在幻燈片 8 中，NBCUniversal 的收入在本季度增長了 3.9%，EBITDA 增長到 6.4%，達到 19 億美元。

Cable networks delivered another quarter of strong growth, with revenue increasing 7.5% and EBITDA up 9.1% to $1 billion.

有線電視網絡又實現了一個季度的強勁增長，收入增長 7.5%，EBITDA 增長 9.1%，達到 10 億美元。

Distribution revenue increased 6.7% this quarter to $1.5 billion, reflecting the continued benefit of previous renewals of distribution agreements, partially offset by a decline in subscribers at our Cable Networks.

本季度分銷收入增長 6.7% 至 15 億美元，反映了之前續簽分銷協議的持續收益，部分被我們有線網絡用戶的下降所抵消。

Content licensing and other revenue of $282 million increased 34.5% due to the timing of content provided under licensing agreements.

2.82 億美元的內容許可和其他收入增長了 34.5%，原因是根據許可協議提供的內容的時間安排。

Last, advertising revenue of $878 million increased 2.3%, reflecting strong pricing that was partially offset by ratings declines and the impact of channel closures.

最後，8.78 億美元的廣告收入增長了 2.3%，反映出強勁的定價被收視率下降和頻道關閉的影響部分抵消。

Broadcast Television revenue increased 4.1%, and EBITDA declined 26.3% to $194 million.

廣播電視收入增長 4.1%，EBITDA 下降 26.3% 至 1.94 億美元。

These results reflect strong retransmission and content licensing revenue, offset by lower advertising revenue and higher programming and production spending.

這些結果反映了強勁的轉播和內容許可收入，但被較低的廣告收入和較高的節目製作支出所抵消。

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

轉播同意費增加了近 70%，達到約 3.6 億美元。

Content licensing revenue of $632 million increased 19%.

6.32 億美元的內容許可收入增長了 19%。

Offsetting this growth was a 6.5% decline in advertising revenue, reflecting strong pricing that was more than offset by ratings declines, including the NFL and the absence of political advertising revenue at our local stations.

抵消這一增長的是廣告收入下降 6.5%，反映出強勁的定價被收視率下降所抵消，包括 NFL 和我們當地電視台沒有政治廣告收入。

In addition, we experienced higher programming and production costs this quarter driven by increased sports costs, including an extra Thursday Night Football game.

此外，由於體育成本增加，包括額外的周四晚上足球比賽，我們在本季度經歷了更高的編程和製作成本。

In 2018, we expect to start the year strong with the Super Bowl and Olympics.

2018 年，我們期待超級碗和奧運會的強勢開局。

Additionally, we expect 2018 retransmission revenue to increase by approximately $200 million to $1.6 billion.

此外，我們預計 2018 年轉播收入將增加約 2 億美元至 16 億美元。

Film revenue declined 5.2%, but EBITDA increased 89.7% to $230 million, driven by the carryover benefits of several successful films released earlier this year.

電影收入下降 5.2%，但 EBITDA 增長 89.7% 至 2.3 億美元，這得益於今年早些時候上映的幾部成功電影的結轉收益。

As Brian noted, film delivered its most profitable year in its history, with EBITDA growing 83% to $1.3 billion.

正如布賴恩所說，電影實現了其歷史上最賺錢的一年，EBITDA 增長了 83%，達到 13 億美元。

While these results set a high bar, we are excited to have the return of some of our biggest franchises, with Jurassic World 2 and the third installment of 50 Shades in 2018.

雖然這些結果設定了一個很高的標準，但我們很高興看到我們一些最大的特許經營權回歸，包括侏羅紀世界 2 和 2018 年的第三部分 50 色號。

Finally, Theme Parks revenue increased 8.7%, and EBITDA increased 3.2% to $661 million.

最後，主題公園收入增長 8.7%，EBITDA 增長 3.2% 至 6.61 億美元。

These results reflect relatively stable attendance and healthy growth in per capita spending despite unfavorable weather in Japan and having lapped the opening of Harry Potter in Hollywood.

這些結果反映了儘管日本天氣不利，並且已經趕上了哈利波特在好萊塢的開幕式，但出席人數相對穩定且人均支出健康增長。

We are benefiting from new attractions like Minion Park in Japan and Volcano Bay in Orlando, as well as the continued success of Harry Potter at each of the parks.

我們受益於新的景點，如日本的小黃人公園和奧蘭多的火山灣，以及哈利波特在每個公園的持續成功。

Partially offsetting these results were the negative impact of a weaker Japanese yen, and increased spending on a brand marketing campaign across our portfolio.

日元疲軟的負面影響以及我們投資組合中品牌營銷活動的支出增加，部分抵消了這些結果。

In 2018, we expect to benefit from a full year of Volcano Bay in Orlando and Minion Park in Japan; as well as new attractions opening, like the Fast ride in Orlando and Kung Fu Panda in Hollywood.

2018年，我們預計全年受益於奧蘭多火山灣和日本小黃人公園；以及新的景點開放，例如奧蘭多的快速騎行和好萊塢的功夫熊貓。

Now let's move on to slide 9 to review our consolidated and segment capital expenditures.

現在讓我們轉到幻燈片 9 來回顧我們的合併和細分資本支出。

Consolidated CapEx increased 5.4% to $2.7 billion in the fourth quarter and 4.5% to $9.6 billion for the year.

第四季度合併資本支出增長 5.4% 至 27 億美元，全年增長 4.5% 至 96 億美元。

At Cable Communications, capital expenditures increased 2.8% to $2.2 billion for the quarter and increased 4.7% to $8 billion for the full year, resulting in capital intensity of 15.1%, in line with the plan we outlined at the beginning of 2017.

Cable Communications 本季度資本支出增長 2.8% 至 22 億美元，全年增長 4.7% 至 80 億美元，資本密集度為 15.1%，與我們在 2017 年初概述的計劃一致。

As expected, investments in customer premise equipment, including X1 and wireless gateways, remained the largest component of our capital expenditures, but declined for the full year.

正如預期的那樣，對客戶端設備（包括 X1 和無線網關）的投資仍然是我們資本支出的最大組成部分，但全年有所下降。

We increased the investment in scalable infrastructure to increase network capacity, and increased investment in line extensions to reach more business and residential customer addresses.

我們增加了對可擴展基礎設施的投資以提高網絡容量，並增加了對線路擴展的投資以覆蓋更多的商業和住宅客戶地址。

For 2018, spending on customer premise equipment is expected to continue to decline.

2018 年，客戶端設備支出預計將繼續下降。

With X1 now deployed to nearly 60% of our residential video base, the pace of our rollout has started to slow.

隨著 X1 現已部署到我們近 60% 的住宅視頻基地，我們的部署速度開始放緩。

On the other hand, our spending on our network will continue to increase.

另一方面，我們在網絡上的支出將繼續增加。

As a result, we expect cable capital expenditures overall to increase in 2018, although we believe our capital intensity could be favorable relative to 2017 by as much as 50 basis points.

因此，我們預計 2018 年有線電視資本支出總體將增加，儘管我們認為相對於 2017 年，我們的資本密集度可能會提高多達 50 個基點。

At NBCUniversal, fourth-quarter capital expenditures increased 13.6% to $525 million.

在 NBCUniversal，第四季度的資本支出增長了 13.6%，達到 5.25 億美元。

And on a full-year basis, CapEx increased 3.4% to $1.5 billion, reflecting investments in theme parks and infrastructure.

全年資本支出增長 3.4% 至 15 億美元，反映了對主題公園和基礎設施的投資。

For 2018, we expect to once again increase capital spending at NBCUniversal, with the majority of the investment directed to our theme parks.

2018 年，我們預計將再次增加 NBCUniversal 的資本支出，其中大部分投資將用於我們的主題公園。

Our formula to consistently invest in new attractions at our parks has driven very strong returns, and we expect that trend will continue.

我們持續投資公園新景點的模式帶來了非常可觀的回報，我們預計這一趨勢將繼續下去。

And now, finishing up on slide 10, let's cover return of capital.

現在，完成第 10 張幻燈片，讓我們討論資本回報。

Let me start by spending a minute on tax reform and its impact.

讓我先花一分鐘談談稅收改革及其影響。

In terms of our GAAP tax rate, without tax reform, it would have been in the 35% to 37% range in 2018.

就我們的 GAAP 稅率而言，如果不進行稅制改革，2018 年的稅率將在 35% 至 37% 之間。

With tax reform, we expect our GAAP tax rate to be in the 24% to 26% range.

隨著稅制改革，我們預計我們的 GAAP 稅率將在 24% 至 26% 的範圍內。

For cash taxes, we expect an even larger impact as our cash tax rate will also benefit from the full and immediate expensing of our eligible capital spending for five years.

對於現金稅，我們預計會產生更大的影響，因為我們的現金稅率也將受益於五年內符合條件的資本支出的全部和立即支出。

So that's the impact of tax reform on our go-forward GAAP and cash taxes.

這就是稅收改革對我們前進的公認會計原則和現金稅的影響。

In terms of what we are doing with the benefit of tax reform, our first action was the announcement of a special bonus to eligible employees in December.

就稅收改革的好處而言，我們的第一個行動是在 12 月宣布向符合條件的員工發放特別獎金。

Second, we have identified additional areas of capital investment back into the businesses that now makes economic sense, post-tax reform, as I just discussed.

其次，正如我剛剛討論的那樣，我們已經確定了將資本投資重新投入到現在具有經濟意義的業務的額外領域，即稅後改革。

And finally, we will augment our already strong capital return plan, as I'll cover now.

最後，我們將擴大我們已經很強大的資本回報計劃，我現在將介紹。

As I mentioned earlier, we generated $9.6 billion in free cash flow during 2017.

正如我之前提到的，我們在 2017 年產生了 96 億美元的自由現金流。

We returned $7.9 billion of that to shareholders, comprised of $2.9 billion in dividends and $5 billion in share repurchase.

我們向股東返還了其中的 79 億美元，其中包括 29 億美元的股息和 50 億美元的股票回購。

And we ended the year at 2.2 times net leverage, flat compared to the prior year.

我們以 2.2 倍的淨槓桿率結束了這一年，與上一年持平。

For 2018, we will continue to execute our balanced capital allocation approach that we have discussed many times.

2018年，我們將繼續執行我們多次討論過的平衡資本配置方法。

We are increasing our dividend 21% to $0.76 per share.

我們將股息提高 21% 至每股 0.76 美元。

This strong increase reflects confidence in the underlying health and momentum in our business, coupled with benefits from tax reform.

這一強勁增長反映了對我們業務的基本健康和發展勢頭的信心，以及稅收改革帶來的好處。

In addition, we expect to repurchase at least $5 billion of our stock in 2018.

此外，我們預計在 2018 年至少回購 50 億美元的股票。

Any buyback we do above that minimum will be in the context of our balance sheet, which we want to be very strong, given its strategic value.

我們在最低限度之上進行的任何回購都將在我們的資產負債表的背景下進行，鑑於其戰略價值，我們希望它非常強大。

Expressing that in numbers, we've had a net leverage ratio of around 2.2 times for a while now, higher than the 1.5 to 2 times range that was in place as I arrived several years ago.

用數字表示，我們的淨槓桿率已經有一段時間在 2.2 倍左右，高於我幾年前到達時的 1.5 到 2 倍範圍。

Since then, we bought the Japan park and DreamWorks while keeping our dividend growing and our buyback steady.

從那以後，我們收購了日本公園和夢工廠，同時保持股息增長和回購穩定。

Now, given the higher conversion rate of EBITDA to free cash flow resulting from tax reform, I don't expect we would need to see our leverage ratio decline below around 2.2 times in order to be very confident in the strength of our balance sheet; hence, the guidance of a minimum of $5 billion in buybacks in 2018.

現在，鑑於稅制改革帶來的 EBITDA 到自由現金流的更高轉換率，我認為我們不需要看到我們的槓桿率下降到 2.2 倍左右才能對我們的資產負債表的實力充滿信心；因此，2018 年至少回購 50 億美元的指導。

Now, before we go to Q&A, I'd like to take care of one housekeeping item.

現在，在我們去問答之前，我想處理一件家務用品。

By the end of February, we plan to issue restated trending schedules to reflect the adoption of the new revenue recognition accounting standard which was effective January 1, 2018.

到 2 月底，我們計劃發布重述趨勢時間表，以反映新收入確認會計準則的採用情況，該準則於 2018 年 1 月 1 日生效。

The impact for Comcast will primarily be in our cable business, with adjustments across some line items that will result in both higher revenue and higher expenses.

對康卡斯特的影響將主要體現在我們的有線電視業務上，一些項目的調整將導致更高的收入和更高的費用。

But overall and importantly for Comcast, there will be no material impact to EPS or free cash flow.

但總體而言，對於康卡斯特來說，重要的是，不會對每股收益或自由現金流產生重大影響。

So that's all for that item.

這就是該項目的全部內容。

So I'll end by echoing Brian's comments about our strong 2017 performance and optimism in our positioning and execution as we head into 2018.

因此，我將附和 Brian 關於我們 2017 年強勁表現的評論以及我們在進入 2018 年時對我們的定位和執行的樂觀態度。

Now, Jason, over to you for Q&A.

現在，傑森，交給你來進行問答。

Great.

偉大的。

Thank you, Mike.

謝謝你，邁克。

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

吉娜，讓我們打開問答電話吧。

(Operator Instructions).

（操作員說明）。

Ben Swinburne, Morgan Stanley.

本·斯威本，摩根士丹利。

Brian, you talked a lot about connectivity in your prepared remarks.

布賴恩，你在準備好的發言中談到了很多關於連通性的問題。

And I think the market's very focused, certainly, on your runway in broadband.

而且我認為市場非常關注你的寬帶跑道。

But when you look at your three-year or longer-term product roadmap for connectivity and broadband, what are the things that you're most excited about to keep that business growing?

但是，當您查看連接和寬帶的三年或更長期產品路線圖時，您對保持業務增長最興奮的事情是什麼？

And specifically I'm wondering -- consumers used to pay just for access to the Internet.

我特別想知道——消費者過去只為訪問互聯網付費。

But obviously the number of devices is growing; coverage is more important.

但顯然設備的數量正在增長；覆蓋更重要。

You've added mobile.

您已添加移動設備。

What are the things that you think keep that business taking share in what is admittedly a maturing business?

您認為哪些事情可以讓該企業在公認的成熟企業中佔有一席之地？

And then I just had a quick follow-up for Mike.

然後我對邁克進行了快速跟進。

Well, let me start, and then I'd like to kick it over to Dave Watson.

好吧，讓我開始，然後我想把它交給戴夫沃森。

First of all, data usage is up 48%, our penetration of homes and businesses passed is about 45% and, in total, about 80% of U.S. households subscribe to internet access.

首先，數據使用量增加了 48%，我們通過的家庭和企業的滲透率約為 45%，總共約有 80% 的美國家庭訂閱了互聯網接入。

But the absolute penetration, where are we in broadband, start with that, as an industry, and where are we with our competitors, and how good is a product.

但是絕對滲透率，我們在寬帶領域的位置，從這個開始，作為一個行業，我們在哪裡與我們的競爭對手，以及產品有多好。

I feel really good about the roadmap for that.

我對此路線圖感覺非常好。

Number two, we launched a mobile product for our broadband customers.

第二，我們為寬帶客戶推出了移動產品。

We're really excited about that.

我們對此感到非常興奮。

We talked about the speed and Pods and connectivity in coverage.

我們討論了覆蓋範圍內的速度、Pod 和連接性。

Then you've got smart home.

那麼你就有了智能家居。

You look at CES, everything at CES is all about what's going to happen to the home of the future the next three years, five years, 10 years.

你看看 CES，CES 上的一切都是關於未來三年、五年、10 年未來之家會發生什麼。

It's hard to know exactly when any of those items will explode.

很難確切知道這些物品何時會爆炸。

You look at our bit per home consumption rate, and that is up again, even more this year.

你看看我們的每戶消費率，今年又上升了，甚至更多。

So that's why we like the business so much.

所以這就是我們如此喜歡這項業務的原因。

And ultimately you boil it all down to that.

最終你把它歸結為這一點。

We'd love all those bits to be our bits, but that doesn't matter.

我們希望所有這些部分都成為我們的部分，但這並不重要。

We want to give customers an incredible experience.

我們希望為客戶提供令人難以置信的體驗。

We want to be the best, and that requires investment in innovation.

我們想成為最好的，這需要對創新進行投資。

And that's really, I think, the pivot that the Company has been making over several years.

我認為，這確實是公司多年來一直在做的重點。

And this year's results and the fourth-quarter results, I think, demonstrate real strength in this business.

我認為，今年的業績和第四季度的業績證明了該業務的真正實力。

Dave?

戴夫？

Well, as Brian said, I think there's -- the growth opportunities both in market share and rate.

好吧，正如布賴恩所說，我認為在市場份額和增長率方面都有增長機會。

And if you'd look at the overall numbers of broadband, the overall broadband penetration being around 80%, there's room just there.

如果你看一下寬帶的整體數量，整體寬帶普及率約為 80%，那裡就有空間。

So home growth is solid, and 2017 saw homes passed growing by 1.4%.

因此，房屋增長穩健，2017 年房屋增長了 1.4%。

The DSL base is still substantial.

DSL 基礎仍然很大。

So overall, as you start, there's room for growth.

所以總的來說，當你開始的時候，還有增長的空間。

But what we're focused on is what's working, and what's working is this focus that Brian mentioned around innovation.

但是我們關注的是什麼是有效的，而有效的是布賴恩提到的圍繞創新的關注點。

And we have a great scaled infrastructure; got 3.1 that's now, at the end of the year, at 80%.

我們擁有規模龐大的基礎設施；到了年底，現在是 3.1，達到 80%。

We'll complete that by the end of 2018; puts us in position to have very large scaled 1 gig rolled out.

我們將在 2018 年底前完成；使我們能夠推出非常大規模的 1 場演出。

So as consumption and usage continues to climb, we're going to be ahead of the curve in terms of capacity.

因此，隨著消費和使用量繼續攀升，我們將在容量方面處於領先地位。

And then the big three for us are speeds.

然後對我們來說三巨頭是速度。

We continue to increase speeds.

我們繼續提高速度。

We have done that consistently, the 16 times out of the last 17 years.

我們一直這樣做，過去 17 年中的 16 次。

And then the new thing is coverage, the combination of great devices.

然後新的東西是覆蓋範圍，偉大設備的組合。

We have best-in-class gateway devices that, in and of themselves, provide great coverage.

我們擁有一流的網關設備，它們本身就提供了廣泛的覆蓋範圍。

You marry that with the new Pods, the Wi-Fi extenders.

您可以將它與新的 Pod、Wi-Fi 擴展器結合起來。

And so coverage, I think, is a great answer that will help us drive the business.

因此，我認為，覆蓋面是一個很好的答案，可以幫助我們推動業務發展。

And then last is the -- being able to control all these things.

最後是——能夠控制所有這些事情。

So, you connect that with modest rate increases, focusing on a disciplined approach towards multiproduct discounts, making sure that to the extent that -- if they just want broadband, then fine.

因此，您將其與適度的費率增加聯繫起來，專注於對多產品折扣採取有紀律的方法，確保在一定程度上——如果他們只想要寬帶，那就沒問題了。

We'll be disciplined in that approach.

我們將在這種方法中受到紀律處分。

And so, and also as consumption grows, we're going to be very focused on providing the best tier of broadband service to the customers.

因此，隨著消費的增長，我們將非常專注於為客戶提供最好的寬帶服務。

So there's opportunities in rate and growth.

因此，在速度和增長方面存在機會。

That's helpful.

這很有幫助。

And just Mike, on your last point on leverage, I think you -- I think I heard you say 2.2 is sort of where you think the Company should be.

只有邁克，關於你關於槓桿的最後一點，我想你——我想我聽說你說 2.2 是你認為公司應該達到的水平。

I think at $5 billion, you would delever pretty decently in 2018.

我認為 50 億美元，你會在 2018 年相當不錯地去槓桿化。

So are you suggesting, then, that the outside of that number comes from managing towards a 2.2, based on what other capital allocation opportunities come your way this year?

那麼，您是否建議該數字的外部來自管理向 2.2，基於今年您的其他資本配置機會？

Is that how we should interpret that comment?

這是我們應該如何解釋該評論嗎？

Sure.

當然。

You should think about the comments in the context of our capital allocation framework, which doesn't change.

您應該在我們的資本分配框架的背景下考慮這些評論，這不會改變。

It's been this team's priority to do -- balance three things.

這是這支球隊的首要任務——平衡三件事。

One, invest in the business to keep it growing and optimize the earnings power over the long-term.

一，投資於業務以保持其增長並長期優化盈利能力。

Two is keep a very strong balance sheet.

二是保持非常強勁的資產負債表。

And three is to do healthy returns of capital to shareholders.

三是為股東做好資本的健康回報。

So I think with the framework we just described, saying a minimum of $5 billion and anchoring that to around 2.2 times leverage, everybody has their own forecast of what's going to happen, but that's how you would find there to be upside in the buyback during the course of this year.

因此，我認為根據我們剛剛描述的框架，即至少 50 億美元並將其錨定在 2.2 倍左右的槓桿率，每個人對將會發生的事情都有自己的預測，但這就是你會發現在回購期間有上行空間的方式今年的課程。

But obviously depending on us executing the balanced strategy I just described.

但顯然取決於我們執行我剛才描述的平衡策略。

That's helpful.

這很有幫助。

Thank you both.

謝謝你倆。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

Two quick ones, if I can.

兩個快的，如果可以的話。

Brian, can you talk about what the bar might look like for US and international M&A?

布賴恩，你能談談美國和國際併購的酒吧是什麼樣子嗎？

And given a lot of the deals in front of the DOJ today, do you want to see some better direction before getting involved?

鑑於今天美國司法部面前有很多交易，您想在參與之前看到更好的方向嗎？

And then in wireless, you mentioned the potential for acceleration in 2018.

然後在無線領域，您提到了 2018 年加速發展的潛力。

Are you now confident that the business is attractive, and that you have the right model, and that now is really the time to let it start to spin up?

您現在是否確信該業務具有吸引力，並且您擁有正確的模式，並且現在真的是讓它開始發展的時候了嗎？

Thank you.

謝謝你。

Let me kick over to Dave to start on the wireless question first.

讓我先請戴夫開始討論無線問題。

In mobile, while it's early, Phil, that we're really pleased with the early-stage results.

在移動領域，雖然還為時尚早，Phil，但我們對早期的結果感到非常滿意。

We launched in May.

我們於五月推出。

As Mike said earlier, we achieved 380,000 lines.

正如 Mike 之前所說，我們實現了 380,000 行。

So there's solid momentum as we approach.

因此，當我們接近時，勢頭強勁。

So we like our game plan.

所以我們喜歡我們的遊戲計劃。

We like the fact that it's connected to our existing business lines, and it's a really simple product approach that can scale.

我們喜歡它與我們現有的業務線相連的事實，而且它是一種非常簡單的可以擴展的產品方法。

And so, strong digital focus experience.

因此，強大的數字焦點體驗。

What we're finding is that the by-the-gig approach is very attractive.

我們發現，按演出的方法非常有吸引力。

Most of the customers are taking that.

大多數客戶都在接受它。

We still sell unlimited, but it's -- we are in, I think, a very unique position as we scale this to do both.

我們仍然無限銷售，但它是 - 我認為，我們處於一個非常獨特的位置，因為我們擴大規模以做到這兩點。

So it's early still.

所以現在還早。

And just branding's kicking in, and we're expanding distribution to our existing retail locations.

剛剛開始進行品牌推廣，我們正在將分銷擴展到我們現有的零售地點。

And we're going to begin to package it with our other lines of business, including broadband.

我們將開始將其與我們的其他業務線打包在一起，包括寬帶。

So it gives us just real packaging optionality, so I think we are well positioned going into 2018 as we scale mobile.

所以它為我們提供了真正的包裝選擇，所以我認為我們在 2018 年做好了準備，因為我們擴展了移動設備。

Let me just reiterate what I sort of said earlier.

讓我重申一下我之前說過的話。

We always are looking for ways to create more value for shareholders, from opportunities as Mike just described, where we find capital to invest in the business; or new businesses, like Dave just talked about, in wireless; or what we're doing with the Olympics.

我們一直在尋找為股東創造更多價值的方法，就像邁克剛才描述的那樣，我們找到了投資業務的資本；或者像戴夫剛剛談到的無線領域的新業務；或者我們正在為奧運會做些什麼。

At the same time, you look at inorganic opportunities that come along, and you have a bar.

與此同時，你會看到隨之而來的無機機會，你就有了一個酒吧。

I think I'd say that there's nothing we feel we have to acquire, and I think that's an important point to emphasize.

我想我會說我們覺得我們不需要獲得任何東西，我認為這是需要強調的重要一點。

So I think we set it high.

所以我認為我們把它定得很高。

I don't know how to articulate that except to look to our track record.

除了查看我們的業績記錄外，我不知道如何表達這一點。

And we've created value for shareholders for, I think, in almost every instance, and that's certainly the goal when we do so.

我認為，我們幾乎在所有情況下都為股東創造了價值，這當然是我們這樣做的目標。

So, our most recent example would be the Japan theme park.

所以，我們最近的例子是日本主題公園。

And stay tuned.

敬請期待。

We'll see if we can execute.

我們將看看我們是否可以執行。

But, so far, we feel terrific about that.

但是，到目前為止，我們對此感覺非常好。

And obviously NBCUniversal, as I mentioned before, is the biggest example.

正如我之前提到的，顯然 NBCUniversal 是最大的例子。

So, we don't talk about specific situations, and I hope that helps clarify.

所以，我們不討論具體情況，我希望這有助於澄清。

John Hodulik, UBS.

瑞銀的約翰·霍杜利克。

Maybe one for Mike and one for Dave.

也許一個給邁克，一個給戴夫。

First, Mike, some good data on the effect of tax reform.

首先，邁克，一些關於稅改效果的好數據。

Can you give us a better sense of the dollar savings that you expect from -- if you're looking from 2017 to 2018, just to get a better sense of how much growth we're going to see off that $9.6 billion in free cash flow?

您能否讓我們更好地了解您期望從 2017 年到 2018 年節省的美元，以便更好地了解我們將看到 96 億美元的自由現金增長多少流動？

And then for Dave, on the video business, definitely some solid numbers from a subscriber standpoint.

然後對於視頻業務的戴夫來說，從訂閱者的角度來看，這絕對是一些可靠的數字。

Can you give us a sense of what you're seeing in terms of pressure from the live streaming providers?

您能否告訴我們您所看到的來自直播提供商的壓力？

Has that changed as we went from quarter to quarter?

隨著我們從一個季度到另一個季度，這種情況發生了變化嗎？

And then maybe an outlook on what you expect from a programming cost growth number for next year.

然後可能是您對明年編程成本增長數字的預期展望。

Thanks.

謝謝。

John, it's Mike.

約翰，是邁克。

So I will tell you how to think about the impact, but everybody's, again, got their own forecast.

所以我會告訴你如何考慮影響，但每個人，再一次，有自己的預測。

So rather than fixing numbers for you, what I said is about an 11 point decline in the GAAP tax rate, which will also improve cash taxes by the same magnitude.

因此，我所說的不是為您確定數字，而是將 GAAP 稅率降低 11 個百分點，這也將提高相同幅度的現金稅。

So use your own estimate of what our pre-tax income is next year, and you'll get that.

所以用你自己對明年我們的稅前收入的估計，你會得到的。

But then obviously on top of that, we get to immediately expense the eligible amount of the $10 billion of capital or so we're putting in, and so you can take a swag at that.

但顯然最重要的是，我們可以立即花費我們投入的 100 億美元左右的合格金額，所以你可以在這方面大吃一驚。

It's meaningful, obviously, but those are the two key pieces that drive it.

顯然，這很有意義，但這是推動它的兩個關鍵部分。

Out of the CapEx, you expect the vast majority to be expensible?

在資本支出之外，您預計絕大多數都是可消耗的？

Yes.

是的。

All right, thanks.

好的，謝謝。

So John, on the video side, it is definitely a very competitive video environment, and we really don't expect the level of competition to diminish.

所以約翰，在視頻方面，這絕對是一個競爭非常激烈的視頻環境，我們真的不指望競爭水平會減弱。

However, we're going to continue to aggressively compete for profitable video relationships.

但是，我們將繼續積極競爭有利可圖的視頻關係。

And so, our approach -- what is working, and we've made some very moderate adjustments as how we compete that I think have helped us in Q4.

所以，我們的方法——什麼是有效的，我們已經對我們的競爭方式進行了一些非常溫和的調整，我認為這對我們在第四季度有所幫助。

But we're going to continue to segment the marketplace.

但我們將繼續細分市場。

And we have introduced new services, like Instant TV, which is our streaming cable network delivered product without a set-top box.

我們還推出了新服務，例如 Instant TV，它是我們的流媒體有線網絡交付產品，沒有機頂盒。

We're going to use that on a targeted basis.

我們將有針對性地使用它。

Our focus is going to continue to be bundling -- full bundles, leveraging best-in-class X1.

我們的重點將繼續是捆綁——完整的捆綁，利用一流的 X1。

And broadband, that packaging is working.

和寬帶，這種包裝是有效的。

And so we feel good about Q4.

所以我們對第四季度感覺很好。

But it is competitive, and so we're going to stay at it.

但它是有競爭力的，所以我們會堅持下去。

But the thing that I think is important to note that we have seen this adjustment coming in terms of this marketplace, the intensity of the over-the-top new entrants.

但我認為重要的是要注意，我們已經看到這種調整來自這個市場，即新進入者的強度。

And based on that, while we're going to compete aggressively across the board for good video customers, we have transitioned more and more towards broadband.

基於此，雖然我們將全面積極地爭奪優秀的視頻客戶，但我們已經越來越多地轉向寬帶。

And so broadband is a centerpiece for us.

所以寬帶是我們的核心。

We're going to have good balance on a profitable growth, leveraging broadband.

利用寬帶，我們將在盈利增長方面取得良好的平衡。

But so the -- we expect to compete aggressively in video and leverage some of the new things we're doing.

但是，我們希望在視頻領域積極競爭，並利用我們正在做的一些新事物。

But we just don't see the environment shifting too much from what we saw at the end of last year.

但我們只是沒有看到與去年年底看到的環境發生太大變化。

The last point on programming costs, I think as Mike said, it was a -- to expect a moderate decrease, and so I think it's some of the timing of the relationships.

關於編程成本的最後一點，我認為正如邁克所說，這是 - 預計會適度下降，所以我認為這是關係的一些時機。

Our focus around this is margin, and we stay extremely focused on overall margin.

我們對此的關注是利潤率，我們仍然非常關注整體利潤率。

Programming is one piece of it.

編程是其中的一部分。

But as you know, we're staying very focused on the experience, taking transactions out.

但如您所知，我們一直非常專注於體驗，將交易排除在外。

And you look at things like -- to the extent that we're adding, which we are, customer relationships, and the fact that we're taking out just lots and lots of transactions out, that's as important as anything.

你會看到這樣的事情——在我們添加的範圍內，我們是什麼，客戶關係，以及我們正在進行大量交易的事實，這與任何事情一樣重要。

But programming costs, we do expect to moderately decrease.

但編程成本，我們確實預計會適度降低。

And obviously -- it's Mike, just chiming in there -- that translates into the as much as 50 basis points improvement in margins for cable for 2018.

顯然——是邁克，只是插話——這意味著 2018 年有線電視的利潤率提高了多達 50 個基點。

Great.

偉大的。

Thanks, guys.

多謝你們。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·萊夫·科恩，美銀美林。

I almost don't know where to start, but I guess first sort of a combined cable/NBCU question.

我幾乎不知道從哪裡開始，但我想首先是有線/NBCU 的組合問題。

At CES a few weeks ago, Comcast Cable and NBCU seemed to be front and center of the industry for addressable advertising, both in terms of the platform and the services you're offering.

在幾週前的 CES 上，Comcast Cable 和 NBCU 似乎是可尋址廣告行業的前沿和中心，無論是在平台還是您提供的服務方面。

And Marcien Jenckes and Linda Yaccarino were right there, and seemed to be in and industry-leading position.

Marcien Jenckes 和 Linda Yaccarino 就在那裡，似乎處於行業領先地位。

So can you talk a little bit about where you think the industry and the Company is within that, in terms of regaining dollars lost from traditional media to the newer platforms?

那麼，您能否談談您認為行業和公司在其中的哪些方面，在重新獲得從傳統媒體流向新平台的資金方面？

And can you just give us any color on what you're doing or what you're expecting?

你能告訴我們你正在做什麼或你期待什麼嗎？

And then for NBC specifically, can you talk a little bit -- Steve, I know you're on about the integration of DreamWorks Animation.

然後專門針對 NBC，您能否談一談——史蒂夫，我知道您正在討論夢工廠動畫的整合。

And does that help you in your efforts in consumer products?

這對您在消費品方面的努力有幫助嗎？

And if I can just throw on one for Brian as a follow-up to the M&A topic.

如果我可以為布賴恩提供一個作為併購主題的後續行動。

There seems to be some really clear opportunities in both media and distribution amid an obvious restructuring -- or coming restructuring of the industry.

在明顯的重組或即將到來的行業重組中，媒體和發行似乎都有一些非常明顯的機會。

But there are also so many different forces playing out right now, with the FANG companies are investing so heavily in premium video in ways we've never seen.

但現在也有許多不同的力量在發揮作用，FANG 公司正以我們從未見過的方式在優質視頻上投入巨資。

Yet, you have this unpredictability in Washington and what can get approved or not approved.

然而，你在華盛頓有這種不可預測性，什麼可以被批准或不被批准。

So can you just give us color in how you are thinking of getting -- are you getting pushed in one direction or another in terms of media, content, or distribution?

那麼，您能否就您的想法告訴我們——您是否在媒體、內容或發行方面被推向一個或另一個方向？

So I'll answer two of your four or five questions, and then pass to Dave or Brian.

所以我會回答你的四個或五個問題中的兩個，然後交給戴夫或布賴恩。

And let me start with DreamWorks.

讓我從夢工廠開始。

We bought DreamWorks 18 months or so ago, and have completely retooled the flow of releases.

我們大約在 18 個月前收購了夢工廠，並且完全重新調整了發布流程。

We actually have a slow year this year.

今年我們實際上過得很慢。

And then next year, in 2019, we'll have a couple releases and then should have two releases every year thereafter.

然後明年，也就是 2019 年，我們將發布幾個版本，之後每年應該有兩個版本。

And if you combine that with a couple releases from Illumination, we should have four animated films and a good full-throttle year.

如果你把它與 Illumination 的幾部影片結合起來，我們應該會有四部動畫電影和一個很好的全速前進的一年。

We are very happy with the progress we've made at DreamWorks.

我們對夢工廠取得的進步感到非常高興。

And you can imagine a year when we have four great animated films, what that will do to our film OCS.

你可以想像，當我們有四部偉大的動畫電影的一年，這將對我們的電影 OCS 產生什麼影響。

At the same time, we very much believe that we need to have the echo system of new IP, strong consumer products, and then appearance in our theme parks.

同時，我們非常相信我們需要有新IP的呼應系統，強大的消費產品，然後出現在我們的主題公園中。

And we've got that cranked up now.

我們現在已經搞定了。

We have made a lot of investments and seen a lot of growth in consumer products in the last couple years.

在過去的幾年裡，我們進行了大量投資，並看到了消費品的大量增長。

Those results are embedded in the record year that our film group had.

這些結果嵌入了我們電影組創紀錄的一年。

And you're going to see that continue in the future; the ultimate payoff being when you've created enough IP to really leverage that consumer products capability.

你會看到這種情況在未來繼續；最終的回報是當您創建足夠的 IP 以真正利用該消費產品功能時。

That capability is worldwide.

這種能力是全球性的。

We're opening offices overseas, taking back agent relationships with employee relationships; I think consumer products is a big upside for NBCUniversal.

我們在海外開設辦事處，收回代理關係和員工關係；我認為消費產品是 NBCUniversal 的一大優勢。

In terms of advertising, it's impossible not to see the strength, particularly of Facebook and Google, really the dominance of Facebook and Google, in terms of digital advertising.

在廣告方面，不可能不看到 Facebook 和谷歌的實力，尤其是 Facebook 和谷歌在數字廣告方面的主導地位。

And a lot of the growth in the ecosystem is going toward digital.

生態系統中的許多增長都朝著數字化方向發展。

And we're not participating in that growth to the degree that we should be, given the span of our assets.

鑑於我們資產的跨度，我們並沒有以應有的程度參與這種增長。

The good news is television advertising is roughly flat if you combine the negative effect of ratings decline and the positive effect of CPMs.

好消息是，如果將收視率下降的負面影響和每千次展示費用的正面影響結合起來，電視廣告大致持平。

Depends on the company, depends on broadcasting/cable, depends on the quarter, but television advertising is holding its own.

取決於公司，取決於廣播/有線電視，取決於季度，但電視廣告自有其人。

Our dream -- and it should be the dream of anybody who's got assets like ours -- is to take our television advertising and make it more targetable, more addressable, and have more of the characteristics that digital has; and then, over time, have more of our advertising be affected by the technology that digital provides.

我們的夢想——應該是任何擁有像我們這樣的資產的人的夢想——是讓我們的電視廣告更具針對性，更可尋址，並具有更多數字化所具有的特徵；然後，隨著時間的推移，我們的更多廣告會受到數字技術提供的技術的影響。

We've made a lot of progress on that.

我們在這方面取得了很大進展。

We've made a lot of investments in Vox and BuzzFeed and Snap.

我們對 Vox、BuzzFeed 和 Snap 進行了大量投資。

We've made a lot of progress in terms of how we monetize online and how we monetize on that VOD platform, particularly with Comcast Cable, but there's a lot more to do.

我們在如何通過在線獲利以及如何在 VOD 平台上獲利方面取得了很大進展，尤其是在 Comcast Cable 方面，但還有很多工作要做。

And I think what you heard at CES is the number of plans that we have.

我認為您在 CES 上聽到的是我們擁有的計劃數量。

We've rolled out -- Linda probably has four or five different products that she's currently in the market selling that have aspects of interactivity and overlaying Comcast data and markets.

我們已經推出了——琳達可能有四五種不同的產品，她目前在市場上銷售具有交互性和覆蓋康卡斯特數據和市場的方面。

And there is a lot more to go as far as that goes.

就這一點而言，還有很多事情要做。

The good news is television advertising, I think, is holding its own.

好消息是電視廣告，我認為，它是自己的。

And as we head off to the Super Bowl and the Olympics, it's not lost on us that if you're a big advertiser and you want to launch big brands and really make a material change in the way consumers think about you, you have to be in the big events on TV.

當我們前往超級碗和奧運會時，我們不會忘記，如果你是一個大廣告商，你想推出大品牌並真正改變消費者對你的看法，你必須參加電視上的大型活動。

And we have something like two-thirds of all the big nights on broadcast television in the next 12 months.

在接下來的 12 個月裡，我們將有大約三分之二的大型廣播電視之夜。

So we think we're well positioned for the ecosystem where it is.

因此，我們認為我們已經為所處的生態系統做好了準備。

But we're hard at work creating the ecosystem that should be there, that gives television all the positives that digital has.

但我們正在努力創造應該存在的生態系統，為電視提供數字化的所有積極因素。

Jessica, Dave.

傑西卡，戴夫。

So as Steve said, one of the things on the cable side that we are focused on is being able to pull together the platform that could pull together all the content.

所以正如史蒂夫所說，我們關注的有線電視方面的一件事是能夠將可以整合所有內容的平台整合在一起。

And our first wave that Marcien is helping us stay very focused on is VOD.

Marcien 幫助我們保持專注的第一波浪潮是 VOD。

So the VOD addressability is off and running; having success with that.

因此，VOD 可尋址性已關閉並正在運行；取得成功。

But really the transition continues to stay focused on VOD, linear, online, all coming together.

但真正的轉變仍然集中在 VOD、線性、在線，所有這些都融合在一起。

I think table and distribution, we have a unique opportunity to pull all these things together.

我認為桌子和分佈，我們有一個獨特的機會把所有這些東西放在一起。

So Marcien has done a nice job pulling together the platform elements that put us in position to make these things happen.

因此，Marcien 將平台元素整合在一起，使我們能夠讓這些事情發生，做得很好。

Just to the other question, I think probably we covered it a little bit, in theory, in my prior conversation; and then I think it's an interesting time in the business.

關於另一個問題，我想我們可能在我之前的談話中從理論上講了一點；然後我認為這是業務中一個有趣的時期。

The opportunities are being created.

機會正在被創造。

Some of those opportunities are negative, and some are positive.

這些機會有些是消極的，有些是積極的。

I think our jobs are to study it and understand where to grow.

我認為我們的工作是研究它並了解在哪裡成長。

And I think Dave acknowledging that we saw changes in video coming, as a for instance, and put our innovation efforts around broadband is just but an example of that.

而且我認為戴夫承認我們看到了視頻的變化，例如，我們圍繞寬帶進行創新只是一個例子。

I think our emphasis on theme parks, which we didn't anticipate when we bought NBCUniversal, but we saw opportunities there, as a for instance.

我認為我們對主題公園的重視是我們在收購 NBCUniversal 時沒有預料到的，但我們看到了那裡的機會，例如。

So, let's leave it at that for now.

所以，讓我們暫時擱置它。

It is the kind of thing we'll talk about over time.

這是我們將隨著時間的推移談論的事情。

Some of your predictions of restructuring of the industry, let's see if it all plays out that way.

您對行業重組的一些預測，讓我們看看是否一切都如此。

And there will be more information in the quarters ahead.

未來幾個季度將會有更多信息。

Okay, thank you.

好的謝謝。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

I have two questions for Mike and then one for Steve.

我有兩個問題要問邁克，一個要問史蒂夫。

So first, Mike, it sounds like Xfinity Mobile is staying in corporate.

首先，邁克，聽起來 Xfinity Mobile 將繼續留在公司。

At what point do you put this in Cable Communications?

你在什麼時候把它放在有線通信中？

Do you wait until this is profitable?

你要等到這有利可圖嗎？

And then secondly, it sounds like the programming costs are driving the majority of the 50 basis point improvement in cable margins.

其次，聽起來節目成本正在推動有線電視利潤率提高 50 個基點的大部分。

So are we interpreting that correctly?

那麼我們是否正確地解釋了這一點？

And then for Steve, you have a very unique portfolio, coming into the year in terms of advertising with the Super Bowl and the Olympics.

然後對於史蒂夫來說，你有一個非常獨特的投資組合，在超級碗和奧運會的廣告方面進入這一年。

But do you have any sense what advertisers are going to do with their excess cash from tax reform on their own balance sheets?

但是你知道廣告商將如何處理他們自己資產負債表上稅改產生的多餘現金嗎？

Are you hearing that any more advertising dollars might come into the system and go towards TV?

您是否聽說更多的廣告收入可能會進入系統並流向電視？

Thanks, Marci.

謝謝，瑪西。

So it's Mike.

所以是邁克。

On the Xfinity Mobile question, expect it to stay in corporate for all of 2018.

在 Xfinity Mobile 的問題上，預計它會在 2018 年全年繼續存在。

Probably, if I had to guess, all of 2019.

如果我不得不猜測，可能是整個 2019 年。

The idea here is to obviously share the information we do share.

這裡的想法顯然是共享我們共享的信息。

You'll see everything that's -- matters.

你會看到一切——重要的。

But not to have the -- as we're ramping that business, it's obviously -- would otherwise distort the core business in cable.

但如果沒有——因為我們正在擴大這項業務，很明顯——否則會扭曲有線電視的核心業務。

So we'll talk about it and share it with you.

因此，我們將討論它並與您分享。

But I think putting it where we put it is intended to be transparent and clear so you can judge the businesses from a bunch of different angles.

但我認為把它放在我們放置的地方是為了透明和清晰，這樣你就可以從一堆不同的角度來判斷業務。

So a couple of years would be my answer on that.

所以幾年將是我的答案。

And then on margin improvement, it's the -- I want to make sure you got the number right.

然後在提高利潤率方面，這是 - 我想確保你的數字是正確的。

It's as much as 50 basis points, 5-0.

高達50個基點，5-0。

I might have heard you say 1-5.

我可能聽到你說 1-5。

It's really the sum of two things.

這實際上是兩件事的總和。

It is obviously the easing of programming costs increases, which we had two big years, looking back to the years before this.

顯然是節目成本增加的緩和，我們有兩個重要的年份，回顧之前的幾年。

Dave and team there have done a great job managing all parts of the cost base away from programming.

戴夫和那裡的團隊在管理成本基礎的所有部分方面做得很好，而不是編程。

And that's continued, so I would give credit over a multi-year period to say that it's the focus on being efficient in all categories that's contributing to this year's margin changes, not just programming.

而且這種情況還在繼續，所以我會在多年的時間裡給予信任，說重點是在所有類別中提高效率，這有助於今年的利潤率變化，而不僅僅是編程。

So in terms of advertising, we're 10 days away from the Super Bowl.

所以在廣告方面，我們距離超級碗還有 10 天。

And as we head into the Super Bowl, we are averaging about $5 million a unit, which is up, call it, 15% or 20%, we think, from last, year, and we're essentially sold out.

當我們進入超級碗時，我們平均每個單位的收入約為 500 萬美元，我們認為，從去年開始，我們認為它上漲了 15% 或 20%，而且我們基本上已經售罄。

So if you're looking for an immediate sign as to how hot the market is, as far as the Super Bowl goes, it's pretty hot.

因此，如果您正在尋找市場熱度的直接跡象，那麼就超級碗而言，它非常熱。

I think the television advertising ecosystem has been strong for a while now, probably two or three years of strength.

我認為電視廣告生態系統現在已經強大了一段時間，大概有兩三年的時間。

It feels like it might be getting a little stronger now.

感覺現在可能會變得更強一些。

I don't think there's necessarily a direct correlation from the tax cuts and having more cash, and throwing that into advertising.

我不認為減稅和擁有更多現金以及將其投入廣告不一定有直接關係。

I think it might be more related to just overall business sentiment.

我認為這可能更多地與整體商業情緒有關。

But to the degree that business sentiment is slightly stronger now than it was six months ago, or stronger now than it was six months ago, I think you can kind of feel that coming into the advertising market.

但是，現在商業情緒比六個月前稍微強一些，或者現在比六個月前強，我想你可以感覺到進入廣告市場。

And we -- as we look forward into the upfront, which is only a few months away, by all accounts it is going to be a strong upfront.

而且我們 - 當我們期待僅幾個月後的前期，從各方面來看，這將是一個強大的前期。

The only other thing I would add, another theory would be that it's because the Eagles are in the Super Bowl that it's all strong, but I'm not sure.

我唯一要補充的另一件事是，另一個理論是因為老鷹隊進入了超級碗，所以這一切都很強大，但我不確定。

(laughter)

（笑聲）

Great, thank you.

太好了謝謝。

Vijay Jayant, Evercore.

維杰·賈揚特，Evercore。

I just wanted to -- for Steve, the virtual MVPD growth over the last year, and the impact on the underlying subscriber trends; and the affiliate numbers and retransmission numbers looks pretty good at NBC's broadcast and cable.

我只是想 -- 對於史蒂夫來說，去年虛擬 MVPD 的增長，以及對潛在用戶趨勢的影響；並且附屬號碼和轉播號碼在 NBC 的廣播和有線電視上看起來相當不錯。

So any color on how the underlying subscriber trends are there?

那麼關於潛在訂戶趨勢如何存在的任何顏色？

And then just a broad question on net neutrality and the reversal of Title II.

然後只是一個關於網絡中立性和標題 II 逆轉的廣泛問題。

Is there anything different that's going to be done now, given that's probably not an overhang anymore on the broadband side of the business?

現在有什麼不同的事情要做嗎，考慮到這可能不再是寬帶業務的突出部分了嗎？

Thank you.

謝謝你。

So I think when you're thinking about the virtual MVPDs or MVPD changes in general, from an NBCUniversal perspective, we're really talking about tenths of a percentage point.

所以我認為，當您考慮虛擬 MVPD 或一般 MVPD 變化時，從 NBCUniversal 的角度來看，我們實際上是在談論十分之一個百分點。

We're not talking about major, major changes.

我們不是在談論重大的重大變化。

And the virtual MVPDs are accelerating as more of them get into the business, and their business grows; some of them are accelerating.

隨著越來越多的虛擬 MVPD 進入業務，他們的業務也在增長，虛擬 MVPD 正在加速發展；其中一些正在加速。

But it's a relatively minor effect across the board for NBCUniversal.

但這對 NBCUniversal 來說是一個相對較小的影響。

And if you look at the last two or three quarters, you'll see changes in the tenths of a percentage point, but not percentage changes overall.

如果您查看過去兩個或三個季度，您會看到十分之一個百分點的變化，但總體上看不到百分比變化。

I think we've said that we support a free and open Internet, and we have been committed to enforceable open Internet protections.

我想我們已經說過我們支持自由和開放的互聯網，並且我們一直致力於實施可執行的開放互聯網保護。

We just thought Title II was unnecessary to guarantee consumers that open Internet.

我們只是認為 Title II 對保證消費者開放互聯網是不必要的。

So, we believe Congress will hopefully now act to put some enduring side of enforceable open Internet productions that can no longer get revisited and reversed with different administrations.

因此，我們相信國會現在有望採取行動，為無法再被不同政府重新審視和逆轉的可執行的開放互聯網產品提供一些持久的方面。

So, I do think it gave us the confidence to make the statement that over the next five years, we're going to have significant investment in our economy to the tune of at least $50 billion.

所以，我確實認為這讓我們有信心做出這樣的聲明，即在未來五年內，我們將對我們的經濟進行至少 500 億美元的重大投資。

So, we're moving forward, investing and innovating, and I think we look forward to someday putting this conversation behind us for everybody's sake.

因此，我們正在向前發展、投資和創新，我認為我們期待有一天為了每個人的利益而將這場對話拋諸腦後。

Thanks so much.

非常感謝。

Jason Bazinet, Citi.

花旗銀行的傑森·巴茲內特。

I just had a question for Mr. Burke.

我有一個問題要問伯克先生。

I guess if you guys do do M&A, I hope everyone remembers how almost universally negative they were on the NBCU acquisition when you did it.

我想如果你們確實進行了併購，我希望每個人都記得當你們收購 NBCU 時，他們幾乎普遍持負面態度。

Because when I look at my numbers, back in 2010 it was about 20% of your EBITDA, and NBCU has made up almost 50% of the EBITDA dollar change for the last seven years.

因為當我查看我的數據時，早在 2010 年，它大約佔您 EBITDA 的 20%，而 NBCU 在過去七年中幾乎佔 EBITDA 美元變化的 50%。

And I think we all understand you've done a great job on a number of fronts -- parks, studio, Telemundo, retrans.

我想我們都明白你在很多方面都做得很好——公園、工作室、Telemundo、retrans。

My question is what levers do you see left?

我的問題是你看到左邊的槓桿是什麼？

In other words, are there still big levers that you see over the next two or three years?

換句話說，在接下來的兩三年內，您是否還會看到大槓桿？

Or do you think NBCU's growth will begin to more closely resemble the industry's growth?

還是您認為 NBCU 的增長將開始更接近於行業的增長？

Thank you.

謝謝你。

Well, I think we still have a lot of opportunity.

好吧，我認為我們還有很多機會。

And it's very, very hard to predict.

這是非常非常難以預測的。

When we bought the company seven years ago, I think the operating cash flow was about $3.5 billion.

七年前我們收購這家公司時，我認為經營現金流約為 35 億美元。

And I think in this past year, it was about $8.2 billion.

我認為在過去的一年裡，大約是 82 億美元。

And we never dreamt seven or eight years ago that we would get that kind of growth.

七八年前，我們做夢也想不到我們會得到這樣的增長。

We saw opportunity, but we weren't articulate about the degree of that opportunity.

我們看到了機會，但我們沒有明確說明機會的程度。

And it's equally difficult as you look into the future, but I think we have a lot of opportunity still.

展望未來同樣困難，但我認為我們仍有很多機會。

If you look at MSNBC beating CNN almost every night, and beating Fox many nights, Fox News, and the fact that MSNBC makes a fraction of what CNN and Fox News make.

如果你看看 MSNBC 幾乎每晚都在擊敗 CNN，並且在很多晚上都擊敗了 Fox，Fox News，以及 MSNBC 的收入只是 CNN 和 Fox News 的一小部分。

If you look at Telemundo beating Univision last year in prime time, and Univision making a lot more money than Telemundo.

如果你看看 Telemundo 去年在黃金時段擊敗了 Univision，而 Univision 比 Telemundo 賺的錢多得多。

If you look at our theme parks, which are fantastic, and every time we open new attractions we're seeing very, very substantial jumps in attendance, and we have room for thousands more hotel rooms.

如果你看看我們的主題公園，那真是太棒了，每次我們開設新的景點時，我們都會看到遊客人數大幅增加，我們還有空間容納更多的酒店客房。

If you look really across the board, I think we still have a lot of opportunity.

如果你真的全面考慮，我認為我們仍然有很多機會。

The fact of the matter is NBC prime time has gone from fourth to first, and you can't be any better than first.

事實上，NBC 的黃金時段已經從第四名變成了第一名，而且你不能比第一名更好。

And Universal Pictures has had two out of the three biggest years in its history, in the last three years.

環球影業在過去三年中經歷了其歷史上最大的三年中的兩年。

So trees don't grow to the sky, but we still have a lot of opportunities.

所以樹不會長到天上，但我們仍然有很多機會。

I think we have a great management team.

我認為我們有一個很棒的管理團隊。

We're allocating capital in a very rational way.

我們以非常理性的方式分配資本。

We have a great culture.

我們有很棒的文化。

Everybody works together with Symphony, so I'm optimistic we can continue to grow, and we still have lots and lots of opportunities.

每個人都與 Symphony 一起工作，所以我很樂觀我們可以繼續發展，我們仍然有很多很多的機會。

Thank you.

謝謝你。

Brett Feldman, Goldman Sachs.

布雷特·費爾德曼，高盛。

And just to follow up a little bit more on Xfinity Mobile, Mike mentioned that the EBITDA losses here, I think, were a little greater than you had initially thought, and there's going to be some incremental drag in 2018.

為了進一步跟進 Xfinity Mobile，Mike 提到這裡的 EBITDA 損失，我認為，比你最初想像的要大一些，並且在 2018 年會有一些增量拖累。

It sounds like from his comments that the key variable there is just higher customer growth, and, therefore, higher customer acquisition costs.

從他的評論中聽起來，關鍵變量只是更高的客戶增長，因此更高的客戶獲取成本。

And I just want to confirm that that's the right way of understanding that.

我只是想確認這是正確的理解方式。

And then you got to over 380,000 subs with pretty narrow and targeted distribution.

然後，您獲得了超過 380,000 個訂閱者，分佈範圍非常狹窄且有針對性。

I was hoping maybe you could just expand upon what your plans are for this year, particularly on the distribution standpoint, in order to make sure you're able to keep that momentum going.

我希望也許您可以擴展您今年的計劃，特別是在分發方面，以確保您能夠保持這種勢頭。

Thanks.

謝謝。

Brett, it's Mike.

布雷特，我是邁克。

So I'll start, and hand it over to Dave.

所以我會開始，把它交給戴夫。

So on this year's drag, I'd say it's in line with what we had expected; maybe a touch higher, but not meaningfully so.

所以今年的拖累，我想說這符合我們的預期；也許更高一點，但意義不大。

And, yes, what happens next year will very much be a function of the hoped-for ramping up of subscriber acquisitions, which obviously until we get to a level of stability at a higher level than this, you'll be having increasing drag.

而且，是的，明年發生的事情將很大程度上取決於希望增加的訂戶獲取，顯然在我們達到比這更高水平的穩定水平之前，你將面臨越來越大的阻力。

But that's a good thing as we're growing a business that we think is going to be very valuable to the overall economics of the customer relationship.

但這是一件好事，因為我們正在發展一項我們認為對客戶關係的整體經濟非常有價值的業務。

So from a distribution standpoint, one of the things we talked about early on was our focus around digital, and having a great digital experience and through the sales process, through onboarding.

因此，從分銷的角度來看，我們早期談論的一件事是我們關注數字化，並通過銷售流程和入職獲得出色的數字化體驗。

And so that's working.

所以這是有效的。

We're real pleased with digital as a channel.

我們對數字渠道非常滿意。

I mentioned retail, our existing retail locations; don't feel like we need to go a lot bigger.

我提到了零售，我們現有的零售地點；不要覺得我們需要做得更大。

We have a long-term good plan.

我們有一個長期的好計劃。

But we're introducing mobile into existing retail and we're having success there.

但是我們正在將移動設備引入現有的零售業，並且我們在那裡取得了成功。

It's early, but I think 2018 is a year of scaled operations around the retail experience.

現在還為時過早，但我認為 2018 年是圍繞零售體驗進行規模化運營的一年。

And then last but not least is the introducing it, which we've done into our traditional inbound call centers, which always do a good job with products.

最後但並非最不重要的是將它引入我們的傳統呼入呼叫中心，它總是在產品方面做得很好。

So I think you piece all these things together, there's upside an opportunity as we expand distribution and mobile.

所以我認為你將所有這些東西拼湊在一起，隨著我們擴大分銷和移動，這是一個上行機會。

Thanks.

謝謝。

One quick question.

一個快速的問題。

I know you are targeting your existing base with this product.

我知道您正在使用此產品瞄準您現有的基礎。

Are you finding that when you bring new customer relationships on, you are able to attach mobile, out of the box?

您是否發現當您建立新的客戶關係時，您能夠開箱即用地連接移動設備？

We're as you just -- maybe you heard, we just announced bring your own device.

我們和你一樣——也許你聽說了，我們剛剛宣布帶上你自己的設備。

Nice new addition, so too early to give too much color on that.

不錯的新添加，所以太早了，不能給出太多的顏色。

But it's a real opportunity both for existing customer and new customers, being able to come in, bring their device, and talk about transitioning over.

但對於現有客戶和新客戶來說，這都是一個真正的機會，能夠進來，帶上他們的設備，並談論過渡。

So we're focused on a balanced approach to existing customers, but also more and more be reaching out to new customers.

因此，我們專注於對現有客戶採取平衡的方法，但也越來越多地接觸新客戶。

And we'll talk about then the other lines of business in addition to not just mobile.

我們將討論除移動之外的其他業務線。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Thank you all.

謝謝你們。

Okay.

好的。

Thank you, everyone, for joining us this morning.

謝謝大家，今天早上加入我們。

We'll end 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 PM Eastern time.

從東部時間下午 12:00 開始，將重播今天的電話會議。

It will run through Wednesday, January 31, at midnight Eastern time.

它將持續到東部時間 1 月 31 日星期三午夜。

The dial-in number is 855-859-2056, and the conference ID number is 4695509.

撥入號碼為 855-859-2056，會議 ID 號碼為 4695509。

A recording of the conference call will also be available on the Company's website beginning at 12:30 PM Eastern time today.

從東部時間今天下午 12:30 開始，公司網站上也將提供電話會議的錄音。

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。