康卡斯特 (CMCSA) 2018 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's first-quarter 2018 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.

各位女士、先生，早安，歡迎參加康卡斯特2018年第一季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

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

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

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

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

As always, let me now prefer you to slide number 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. In addition, in this call, we will refer to certain non-GAAP financial measures. Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

像往常一樣，現在請允許我請您查看第 2 張投影片，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含前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格和趨勢表。

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

接下來，我將把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thank you, Jason, and good morning, everyone. We are off to a terrific start in 2018, with first-quarter revenue growth of over 10% and healthy EBITDA, earnings per share, and free cash flow. I'm really proud of these results, which reflect strength across all parts of Comcast NBCUniversal.

謝謝你，傑森，大家早安。2018 年我們開局非常順利，第一季營收成長超過 10%，EBITDA、每股盈餘和自由現金流也都很健康。我為這些成績感到非常自豪，這反映了康卡斯特NBC環球各部門的實力。

We have such a special company with a collection of scaled businesses, each executing at a high level, and substantial opportunities for continued growth led by our margin-accretive segments. We have a business model that works well, and we see more and more of our peers attempting to pivot towards a similar strategy of integrating distribution and content.

我們是一家非常特別的公司，旗下擁有眾多規模化業務，每個業務都高效運轉，並且在利潤率高的細分市場引領下，公司擁有持續增長的巨大機會。我們擁有一個運作良好的商業模式，我們看到越來越多的同行正在嘗試轉向類似的整合分銷和內容的策略。

We think our team has done a great job of this, particularly with NBCUniversal, as you can see in today's results. This successful execution led us to make an announcement earlier this year that further strengthens this strategy with our proposal for Sky.

我們認為我們的團隊在這方面做得非常出色，尤其是在與 NBCUniversal 的合作方面，正如您從今天的業績中看到的那樣。今年早些時候，由於執行成功，我們宣布了一項針對 Sky 的提案，進一步加強了這項策略。

This morning, we are excited to take the next logical step, with a formal binding cash offer for Sky. The terms are consistent with what we already outlined in our 2.4 announcement. And Mike will provide some additional color on this later.

今天上午，我們很高興邁出下一步合乎邏輯的步伐，正式向 Sky 提出具有約束力的現金收購要約。這些條款與我們在 2.4 版公告中概述的內容一致。稍後麥克會對此進行更詳細的補充說明。

So let me turn now to our strong first-quarter results. Starting with cable, our connectivity businesses, including residential broadband and business services, are now at a nearly $24 billion annualized revenue run rate combined, growing over 9%, with significant runway ahead.

現在讓我來談談我們強勁的第一季業績。從有線電視業務開始，我們的連接業務（包括住宅寬頻和商業服務）目前的年化收入總計接近 240 億美元，成長超過 9%，未來還有很大的成長空間。

We are confident in our outlook for high-speed Internet subscribers. As the total market continues to grow, our homes and businesses passed steadily increased, and our focus on product innovation and differentiation through speed, coverage, and control elements enables us to continue to grow and take share.

我們對高速網路用戶的成長前景充滿信心。隨著整體市場的持續成長，我們的家庭和企業用戶數量穩步增長，我們專注於透過速度、覆蓋範圍和控制要素進行產品創新和差異化，使我們能夠繼續成長並擴大市場份額。

In business services, we are making nice strides in our newest segment serving enterprise customers. And also continuing to gain in the small and midsize business space with superior products and an attractive value proposition.

在商業服務領域，我們面向企業客戶的最新業務部門取得了不錯的進展。同時，憑藉優質的產品和極具吸引力的價值主張，公司在中小企業市場也持續取得進展。

We have built an incredible organization within our Company, with over 10,000 employees dedicated to our business services efforts. And more than 3,000 of them are sales professionals, helping us add new business customers every day.

我們公司內部建立了一個非常優秀的組織，擁有超過 10,000 名員工致力於我們的業務服務工作。其中超過 3000 名是銷售專業人員，他們每天都在幫助我們增加新的企業客戶。

In the first quarter, we added almost 380,000 net new broadband customers, grew residential high-speed Internet revenue by 8%, and business services revenues by 12%. Fueled by these businesses and our ongoing customer experience efforts, we are on track to increase cable margins for the full year in 2018.

第一季度，我們新增近 38 萬寬頻用戶，住宅高速網路營收成長 8%，商業服務收入成長 12%。在這些業務和我們持續改善客戶體驗的努力的推動下，我們預計在 2018 年全年提高有線電視業務的利潤率。

While investing in a network to strengthen our position in our connectivity businesses remains a priority, we expect overall capital intensity to decline at cable. Altogether, this puts us on a path for healthy cable EBITDA and net cash flow growth, as our first-quarter results demonstrate.

儘管投資網絡以加強我們在連接業務領域的地位仍然是優先事項，但我們預計有線電視的整體資本密集度將會下降。總而言之，這將使我們走上實現有線電視業務 EBITDA 和淨現金流健康成長的道路，正如我們第一季的業績所表明的那樣。

We continue to increase customer relationships, with 273,000 net new additions, balanced with healthy EBITDA growth of nearly 5% and margin expansion. Cable net cash flow, which is EBITDA less total capital spending, grew nearly 13%, which is the fastest rate of growth in 6 years. As you can see, our cable business overall remains well positioned for the future.

我們持續加強客戶關係，新增淨客戶 273,000 家，同時實現了近 5% 的健康 EBITDA 成長和利潤率擴張。有線電視淨現金流（EBITDA 減去總資本支出）成長了近 13%，這是 6 年來最快的成長速度。如您所見，我們的有線電視業務整體而言仍處於良好的發展前景。

The team is also capably reacting to and managing the ongoing changes in the video competitive landscape. This includes the increasing presence of virtual MVPDs, which contributed to our net loss of 96,000 video customers in the first quarter.

該團隊還能有效應對和管理視訊競爭格局的不斷變化。這其中包括虛擬 MVPD 的日益普及，導致我們在第一季淨流失了 96,000 名視訊用戶。

We remain focused on finding innovative and profitable ways to deliver the best video and most complete experience to our customers. We have pivoted X1 to be a whole home platform that aggregates the best content, not just linear TV. We recently added Sling TV's international programming, joining YouTube, Netflix, Pandora, to name just a few of the partners we have already integrated.

我們將繼續專注於尋找創新且獲利的方式，為我們的客戶提供最佳的影片和最完整的體驗。我們已將 X1 轉型為全屋平台，匯集最好的內容，而不僅僅是線性電視。我們最近新增了 Sling TV 的國際節目，加入了 YouTube、Netflix、Pandora 等眾多合作夥伴的行列，這些只是我們已經整合的眾多合作夥伴中的一部分。

X1 also serves as a dashboard for WiFi connectivity and home automation, with recent launch of xFi notifications and new voice remote commands that help manage our customers' smart home devices. The value that this seamless integration of services brings to our customers is quite apparent. X1 has quickly become the most used platform for Netflix viewing among our customers.

X1 也可用作 WiFi 連線和家庭自動化的控制面板，最近推出的 xFi 通知和新的語音遠端指令可協助管理我們客戶的智慧家庭裝置。這種服務無縫整合為我們的客戶帶來的價值顯而易見。X1 已迅速成為我們客戶觀看 Netflix 最常用的平台。

We are excited to deepen our relationship with Netflix with our recent announcement that Comcast will begin packaging Netflix with TV offers, creating an additional revenue source for our Company.

我們很高興透過最近宣布康卡斯特將開始把 Netflix 與電視服務打包銷售，從而加深與 Netflix 的合作關係，為我們公司創造額外的收入來源。

It has been about a year since we entered the wireless market with our launch of Xfinity Mobile and we are pleased with the results so far. Our offers are clearly resonating, adding value to our customers by bundling wireless together with access to our high-speed Internet at attractive prices. We ended the first quarter with 577,000 customer lines and continue to enhance this offering with features like bring-your-own-device.

自從我們推出 Xfinity Mobile 進入無線市場以來已經過去大約一年了，我們對目前為止的成果感到滿意。我們的優惠活動顯然受到了客戶的歡迎，透過將無線網路與高速網路存取捆綁在一起，以優惠的價格為客戶創造了價值。第一季末，我們擁有 577,000 條客戶線路，並將繼續透過自帶設備等功能來增強這項服務。

In addition, last week we announced a new operating platform partnership with Charter, the result of our continuing collaboration aimed at getting to scale more quickly through operational and cost efficiencies as we develop our respective mobile businesses, enabling both companies to better compete in the national wireless market.

此外，上週我們宣布與 Charter 建立新的營運平台合作夥伴關係，這是我們持續合作的成果，旨在透過提高營運效率和降低成本，更快地擴大規模，從而發展我們各自的行動業務，使兩家公司能夠在全國無線市場更好地競爭。

Finally, our results continue to benefit from our ongoing efforts to make interacting with us simpler and more consistent, including through more all-digital tools. In the first quarter, we reduced calls handled by our agents by 13% and increased the portion of customers interacting with us only digitally by about 15% year over year. I'm proud of the consistent progress we are making with these metrics and our room for further improvement bodes well for the future.

最後，我們不斷努力使與我們互動更加簡單、更加一致，包括透過更多全數位化工具，從而持續取得成果。第一季度，我們的客服人員處理的電話數量減少了 13%，僅透過數位方式與我們互動的客戶比例同比增長了約 15%。我為我們在這些指標上取得的持續進步感到自豪，而且我們還有很大的改進空間，這預示著美好的未來。

Turning to NBCUniversal, we are well positioned to succeed in an evolving media landscape with our high-quality sports, news, and entertainment content fueling strong results at our TV businesses, our focus on leading franchises at filmed entertainment, and a fantastic trajectory in our high-margin theme park businesses.

展望NBC環球，我們憑藉高品質的體育、新聞和娛樂內容，在電視業務方面取得了強勁的業績，專注於打造領先的電影娛樂品牌，以及在高利潤的主題公園業務方面取得了良好的發展勢頭，因此我們有能力在不斷變化的媒體環境中取得成功。

This strategy again delivered terrific results in the first quarter, with EBITDA increasing by double digits, highlighted by exceptional growth at our TV business and theme parks. Broadcast and cable networks collectively delivered 23% EBITDA growth, underscoring the power of our big event strategy as well as continued distribution and retrans strength.

該策略在第一季再次取得了優異的成績，EBITDA 實現了兩位數的成長，其中電視業務和主題樂園的成長尤為突出。廣播和有線電視網絡合計實現了 23% 的 EBITDA 成長，凸顯了我們大型活動策略的強大作用以及持續的發行和轉播實力。

The Olympics generated over $1.1 billion of revenue at our TV businesses and were a tremendous success. The Games averaged nearly 20 million viewers in prime time over all 18 nights across broadcast, cable, and digital. And NBC's prime time viewership was over 80% higher than ABC, CBS, and Fox combined, the widest margin on record for a Winter Games.

奧運會為我們的電視業務帶來了超過 11 億美元的收入，並取得了巨大的成功。奧運在黃金時段的18個夜晚，透過廣播、有線電視和數位管道，平均吸引了近2,000萬觀眾收看。NBC 的黃金時段收視率比 ABC、CBS 和 Fox 的總和高出 80% 以上，這是冬季奧運會歷史上最大的收視差距。

I'm extremely proud of the efforts across the Company from NBC's fantastic and very personalized and human coverage to the amazing Olympics dashboard on X1 that made it easier than ever to access all of the moments that make it such a special event.

我為公司上下所做的努力感到無比自豪，從 NBC 精彩、個性化和人性化的報道，到 X1 上令人驚嘆的奧運會信息中心，它讓觀眾比以往任何時候都更容易接觸到所有精彩瞬間，從而體會到奧運會的特別之處。

The results within our cable footprint highlight the benefits of the entire organization working together, as ratings in X1 households for NBC and NBC SportsNet prime time coverage were 26% higher than the national average. We think of the Olympics as a technology laboratory for the future of television.

在我們有線電視覆蓋範圍內取得的成果凸顯了整個組織共同努力的好處，NBC 和 NBC SportsNet 黃金時段節目在 X1 家庭中的收視率比全國平均水平高出 26%。我們認為奧運是電視未來發展的科技實驗室。

NBC also aired the Super Bowl in the first quarter, which generated over $400 million in advertising. Notably, the broadcast of This is Us after the game was the highest-rated scripted series following a Super Bowl in over a decade.

NBC 還在第一季播出了超級碗，廣告收入超過 4 億美元。值得一提的是，《我們這一天》在超級盃比賽後播出，是十多年來超級盃比賽後收視率最高的劇集。

On the back of these incredible big events, NBC is on track to finish number one for the fifth consecutive year in demo and is number one in total viewers for the first time in 16 years. We also have the fastest-growing cable network with MSNBC and a number one cable entertainment network with USA.

憑藉這些令人難以置信的大事件，NBC有望連續第五年獲得收視率第一，並且16年來首次獲得總收視人數第一。我們還擁有成長最快的有線電視網 MSNBC 和排名第一的有線電視娛樂網 USA。

At theme parks, another quarter of double-digit EBITDA growth reflects continued strength from Volcano Bay in Orlando and Minion Park in Japan. And there is more to come this year with several exciting attractions debuting across our parks this spring that leverage our own intellectual property, including a Fast and Furious ride in Orlando, Kung Fu Panda in Hollywood, and a Hollywood-themed night parade in Japan celebrating films including Minions and Jurassic World.

主題樂園方面，又一個季度實現了兩位數的 EBITDA 成長，反映出奧蘭多火山灣和日本小小兵樂園的持續強勁表現。今年春天，我們各個主題樂園也將推出更多精彩的遊樂設施，這些設施充分利用了我們自己的智慧財產權，包括奧蘭多的「玩命關頭」主題遊樂項目、好萊塢的「功夫熊貓」主題遊樂項目，以及日本的好萊塢主題夜間遊行，以慶祝《小小兵》和《侏羅紀世界》等電影。

Speaking of filmed entertainment, as we expected and communicated, we face a tough comparison to last year's record results. We continue to focus on our franchise strategy and are pleased with the performance of first-quarter releases, including Fifty Shades Freed, which brought that series across the $1 billion mark. And we are looking forward to Jurassic World: Fallen Kingdom coming to theaters in June.

說到影視娛樂，正如我們預期和溝通的那樣，我們面臨著與去年創紀錄的成績進行艱難比較的局面。我們繼續專注於我們的特許經營策略，並對第一季上映影片的表現感到滿意，其中包括《五十度飛》，該片使該系列的票房突破了 10 億美元大關。我們非常期待《侏羅紀世界2：失落國度》在六月上映。

So I'm incredibly proud of the team's performance this quarter and excited about the opportunities ahead for our Company. I believe today's announcement for Sky will further strengthen our successful strategy and momentum.

因此，我對團隊本季的表現感到無比自豪，並對公司未來的發展機會感到興奮。我相信今天天空電視台的公告將進一步鞏固我們成功的策略和發展勢頭。

We love our position owning content and distribution businesses that individually have a great outlook and together make each other stronger. We think Sky is an outstanding company that follows this same formula, with a similar business model in new and attractive geographies.

我們熱愛我們目前所處的局面，擁有內容和分發業務，這些業務各自都前景光明，而且結合在一起還能使彼此更加強大。我們認為 Sky 是一家傑出的公司，它遵循相同的模式，在新興且具吸引力的地區採用類似的商業模式。

We believe Sky when combined with Comcast NBCUniversal will create an even stronger and more international business with an increased ability to invest in content and innovation. Much like Comcast NBCUniversal is in the US, innovation is at the core of Sky's culture and it has a portfolio of attractive content.

我們相信，Sky 與 Comcast NBCUniversal 合併後，將打造一個更強大、更國際化的業務，並擁有更大的能力投資於內容和創新。與美國的康卡斯特NBC環球公司一樣，創新是天空電視台文化的核心，並且擁有極具吸引力的內容組合。

A larger combined base of 52 million customers will help support the ability of a combined Comcast Sky to invest more in original and acquired programming and technology capabilities as we strive to deliver truly differentiated customer experiences.

合併後的 Comcast Sky 擁有 5,200 萬客戶，更大的客戶基礎將有助於我們增加原創和收購節目以及技術能力的投資，從而努力提供真正差異化的客戶體驗。

When opportunities arise from unique timing and company-specific situations, we look to take advantage while viewing any potential transaction through the lens of both financial and offensive strategic impact. Financially, we evaluate opportunities against alternative uses of capital, including buying back our stock as well as accretion to free cash flow per share. And ultimately, the ability to exceed the cost of capital in a reasonable timeframe.

當機會因獨特的時機和公司特定情況而出現時，我們會考慮如何利用這些機會，同時從財務和進攻性策略影響兩個角度來審視任何潛在的交易。在財務方面，我們會評估各種機會與資本的其他用途，包括回購股票以及增加每股自由現金流。最終目標是在合理的時間範圍內超越資本成本。

Strategically, we are focused on where we can enhance our position through scale with complementary businesses that provide us with new capabilities, new markets, and other growth opportunities. We think Sky is a great fit when judged against these criteria.

從策略上講，我們專注於透過與互補業務的規模合作來增強我們的地位，這些互補業務能夠為我們提供新的能力、新的市場和其他成長機會。根據這些標準來看，我們認為 Sky 非常符合我們的要求。

So in closing, we like our outlook at cable, and NBCUniversal continues to grow at a faster pace than any of us originally imagined. The whole team is off to a great start this year.

總之，我們對有線電視的前景感到樂觀，NBC環球的成長速度也比我們任何人最初想像的都要快。今年整個團隊的開局都非常棒。

And with that, now let me turn it over to Mike for more details.

那麼，現在讓我把麥克風交給麥克，讓他來詳細說。

Thanks, Brian, and good morning, everybody. Let me start by providing the details on our Sky announcement, which is a binding cash offer known as a Rule 2.7 firm offer under the UK takeover code.

謝謝你，布萊恩，大家早安。首先，讓我詳細介紹一下我們對 Sky 的收購要約，這是一項具有約束力的現金要約，根據英國收購準則，被稱為第 2.7 條規定的確定要約。

The key terms are consistent with our original proposal back in February: an all-cash offer for GBP12.50 per share and acceptance condition of 50% plus 1 share. Our various intention statements related to investment in the UK are all consistent with the Rule 2.4 announcement. And our commitment to Sky News has been strengthened with a pledge to establish an independent Sky News editorial board, maintain investment, and to not acquire a controlling interest in any UK newspapers.

關鍵條款與我們二月提出的原始方案一致：以每股 12.50 英鎊的價格進行全現金收購，接受條件為 50% 的股份加 1 股。我們與英國投資相關的各項意向聲明均與第 2.4 條規則公告一致。我們已加強對天空新聞的承諾，承諾成立獨立的天空新聞編輯委員會，維持投資，並且不會收購任何英國報紙的控股權。

In terms of process, in the near future, we will file for EC antitrust approval, which would kick off a 25-day Phase 1 review. We still expect to complete all regulatory reviews in a timely manner so that Sky shareholders will be in a position to review our offer without any regulatory concerns attached.

在流程方面，我們將在近期向歐盟委員會提交反壟斷審批申請，這將啟動為期 25 天的第一階段審查。我們仍然期望能夠及時完成所有監管審查，以便天空電視台的股東能夠在沒有任何監管顧慮的情況下審查我們的收購要約。

In terms of the financial and strategic merits of the transaction, let me add to what we have said before. We believe this is a financially attractive transaction. New information in the 2.7 announcement today is a synergies estimate of around $500 million achieved through a combination of revenue benefits and recurring cost savings across the combined Company.

就此次交易的財務和策略價值而言，我想補充一下我們之前所說的。我們認為這是一筆在財務上很有吸引力的交易。今天發布的 2.7 公告中的新資訊是，透過合併後公司的收入成長和經常性成本節約，預計可實現約 5 億美元的協同效應。

These are expected to be achieved through optimizing Comcast and Sky's complementary operations with only limited impact on headcount expected. We believe those synergies, combined with the strength of Sky's standalone business, which we have spent more time studying, makes this a compelling transaction based on a variety of measures.

預計透過優化 Comcast 和 Sky 的互補運營，這些目標將得以實現，對員工人數的影響預計有限。我們相信，這些協同效應，再加上我們花更多時間研究的 Sky 獨立業務的實力，使得這筆交易從各種指標來看都極具吸引力。

To reiterate what Brian mentioned, we evaluate all opportunities against alternative uses of capital. This includes buying back our stock, investments we make in our business, as well as other inorganic opportunities.

正如布萊恩所說，我們會評估所有機會與資本其他用途的比較。這包括回購我們的股票、對公司的投資以及其他非內生性成長機會。

Core to the evaluation is optimizing for a range of criteria, including accretion to free cash flow per share and the ability to earn and exceed the cost of capital in a reasonable timeframe. All balanced with potential strategic merits of the transaction.

評估的核心是針對一系列標準進行最佳化，包括每股自由現金流的成長以及在合理的時間範圍內賺取並超過資本成本的能力。所有這些都與該交易的潛在戰略價值相權衡。

In essence, transactions that are financially sound and put us in an even stronger strategic position are exactly the type of opportunity we engage in and also where we have a strong history of value creation. In this context, we believe Sky is a great fit.

從本質上講，那些財務穩健且能使我們處於更強大戰略地位的交易，正是我們所追求的機會，也是我們擁有強大價值創造歷史的領域。在這種情況下，我們認為 Sky 非常合適。

So now let's discuss our first-quarter results. First, I just want to remind everyone that as we previously announced on our year-end earnings call, we adopted the new accounting standard related to revenue recognition effective January 1, 2018. Today's results are reported on that standard.

現在讓我們來討論一下第一季的業績。首先，我想提醒大家，正如我們在年終收益電話會議上宣布的那樣，我們已於 2018 年 1 月 1 日起採用了與收入確認相關的新會計準則。今天的成績就是按照這個標準公佈的。

Beginning on slide 5, let's review our first-quarter consolidated results. Revenue increased 10.7% to $22.8 billion, which includes results from the broadcast of the PyeongChang Winter Olympics and the NFL's Super Bowl. Adjusted EBITDA increased 3.3% to $7.2 billion. Results for the quarter reflect healthy EBITDA growth of 4.7% and 13.1% for cable and NBCUniversal, respectively.

從第 5 張投影片開始，讓我們回顧一下第一季的綜合業績。營收成長 10.7% 至 228 億美元，其中包括平昌冬奧和 NFL 超級盃的轉播收入。調整後 EBITDA 成長 3.3% 至 72 億美元。本季業績反映出有線電視和NBC環球的EBITDA分別實現了4.7%和13.1%的健康成長。

The corporate and other results include an EBITDA loss of $189 million associated with our newly launched wireless business. Adjusted earnings per share increased 17% to $0.62 for the quarter. And finally, free cash flow was $3.1 billion in the quarter.

本公司及其他業績包括與我們新推出的無線業務相關的 1.89 億美元 EBITDA 虧損。本季調整後每股收益成長17%至0.62美元。最後，本季自由現金流為 31 億美元。

Now let's get into the details of our quarterly results for the cable communications business, starting with slide 6. Revenue increased 3.6% to $13.5 billion, reflecting a 273,000 net increase in customer relationships to 29.6 million and rate adjustments. These results were driven by our high-margin connectivity businesses, including high-speed Internet and business services, which together totaled nearly $6 billion in revenue in the quarter and grew over 9%.

現在讓我們詳細了解有線通訊業務的季度業績，從第 6 張投影片開始。營收成長 3.6% 至 135 億美元，反映出客戶關係淨增加 27.3 萬，達到 2,960 萬，以及費率調整。這些業績主要得益於我們高利潤的連結業務，包括高速網路和商業服務，這些業務在本季度合計收入近 60 億美元，成長超過 9%。

Taking a closer look at our residential business, high-speed Internet continues to be the largest contributor to overall cable growth, with revenue increasing 8.2% to $4.2 billion in the quarter. These results were driven by a net increase in our customer base and rate adjustments.

仔細觀察我們的住宅業務，高速網路仍然是有線電視整體成長的最大貢獻者，該季度營收成長 8.2%，達到 42 億美元。這些業績的取得主要得益於客戶數量的淨成長和價格調整。

We added 351,000 net new residential high-speed Internet customers. And as Brian said earlier, we continue to be confident in our outlook for high-speed Internet subscriber growth for several reasons. First, the broadband market is expanding as more Americans adopt high-speed data. Currently only about 80% of American households subscribe to Internet access and we believe this number will continue to expand.

我們新增了 35.1 萬戶住宅高速網路用戶。正如布萊恩之前所說，我們對高速網路使用者成長前景依然充滿信心，原因有幾個。首先，隨著越來越多的美國人採用高速數據，寬頻市場正在擴張。目前只有約 80% 的美國家庭上網，我們相信這個數字還會持續成長。

Second, we have an opportunity in our footprint through new home formation and by extending our plant within our footprint to increase our homes passed on a steady basis. This has been growing at a rate of about 1.5%.

其次，我們有機會透過新建住宅和擴大工廠規模，穩步增加我們透過住宅項目獲得的住房數量。這一數字一直以大約 1.5% 的速度增長。

Lastly, we are driving market share gains on the back of ongoing investment in innovation and product differentiation. As Brian said, we are focused on continuously improving speed, coverage, and control in our best-in-class broadband product.

最後，我們透過持續投資創新和產品差異化來推動市場份額的成長。正如布萊恩所說，我們致力於不斷提高我們一流寬頻產品的速度、覆蓋範圍和控制能力。

In terms of speed, 75% of our residential customers receive speeds of 100 megabits per second or higher. We continue to make good progress rolling out DOCSIS 3.1, with 90% of our footprint now offering gigabit speeds.

就速度而言，我們75%的住宅用戶可獲得每秒100兆位元或更高的速度。我們在推廣 DOCSIS 3.1 方面繼續取得良好進展，目前我們 90% 的網路覆蓋範圍已提供千兆速度。

At the same time, we are putting our advanced gateways in the home, translating these speeds into the best WiFi. With WiFi powering an increasing number of connected devices in the home, our xFi app enables the customer to better manage their home network, further improving their experience. All this differentiates and increases the value of our broadband service and helps us capture additional market share.

同時，我們將先進的網關安裝到用戶家中，將這些速度轉化為最佳的 WiFi 體驗。隨著 WiFi 為家庭中越來越多的聯網設備提供支持，我們的 xFi 應用程式使用戶能夠更好地管理其家庭網絡，從而進一步改善他們的體驗。所有這些都使我們的寬頻服務脫穎而出，提升了其價值，並幫助我們獲得了更多的市場份額。

Switching to video, revenue declined 0.8% to $5.7 billion in the quarter. The difference in the quarter's results compared to last year is primarily driven by a decrease in customers as well as our choice to take lower rate increases.

轉向視訊業務後，該季度營收下降 0.8% 至 57 億美元。本季業績與去年同期相比的差異主要是由於客戶數量減少以及我們選擇降低利率漲幅所致。

We had 93,000 residential video customer net losses in the quarter. The video marketplace is highly competitive and our business continues to adapt in a way that allows us to compete while preserving strong cable EBITDA and net cash flow growth.

本季我們淨流失了9.3萬戶住宅視訊用戶。視訊市場競爭非常激烈，我們的業務也不斷調整，以保持競爭力，同時保持強勁的有線電視 EBITDA 和淨現金流成長。

We continue to believe X1 is the best video product on the market and remain focused on innovation and our aggregation strategy around content in a market where total video consumption is at an all-time high.

我們仍然相信 X1 是市場上最好的視訊產品，並將繼續專注於創新以及圍繞內容的聚合策略，因為目前視訊消費總量已達到歷史最高水準。

In addition, we are segmenting the market to get the right product to the right customer by offering other video products, including products with thinner packaging, that extend our reach into additional segments that we still think we can serve profitably. And we are doing this all in the context of managing the whole home relationship.

此外，我們正在對市場進行細分，透過提供其他視訊產品（包括包裝較薄的產品），將合適的產品提供給合適的客戶，從而將我們的業務拓展到我們認為仍可獲利服務的其他細分市場。我們做這一切都是為了維繫整個家庭關係。

While broadband is at the epicenter of the majority of our customer relationships, customers can still get the best experience and value with a bundled service, including some combination of broadband, video, voice, home security, and now mobile products. And despite the shifting contributions, we are growing EBITDA and EBITDA per relationship.

雖然寬頻是我們大多數客戶關係的核心，但客戶仍然可以透過捆綁服務獲得最佳體驗和價值，捆綁服務包括寬頻、視訊、語音、家庭安全以及現在的行動產品等的某種組合。儘管貢獻方式有所變化，但我們的 EBITDA 和每筆交易的 EBITDA 都在成長。

Speaking of Xfinity Mobile, as Brian mentioned, we are happy with the early results we are seeing in this business, ending the quarter with 577,000 customer lines, having added 196,000 lines in the quarter. We are seeing real momentum as the product is resonating with our customer base. And we believe Xfinity Mobile has a big opportunity to continue to drive the bundling strategy of the cable business and provide more value to our broadband customers.

說到 Xfinity Mobile，正如 Brian 所提到的，我們對這項業務的早期成果感到滿意，本季末客戶線路數量達到 577,000 條，本季度新增線路 196,000 條。我們看到產品獲得了客戶群的認可，發展勢頭強勁。我們相信 Xfinity Mobile 有很大的機會繼續推動有線電視業務的捆綁銷售策略，並為我們的寬頻客戶提供更多價值。

Financially, our $189 million EBITDA loss at Xfinity Mobile in the first quarter reflects our ramp in subscriber acquisitions and the incremental operating costs associated with getting this new business launched.

從財務角度來看，Xfinity Mobile 第一季 1.89 億美元的 EBITDA 虧損反映了我們用戶獲取速度的提升以及與推出這項新業務相關的額外營運成本。

Moving on to business services, which continues to be a top driver of our overall cable results, we delivered another strong quarter of double-digit growth, with revenue increasing 11.9% to $1.7 billion during the quarter, primarily driven by customer growth. We added 29,000 business customer relationships in the quarter and grew revenue per business customer relationship by 5%.

接下來談談商業服務，它仍然是我們整體有線電視業務表現的主要驅動力。本季我們再次實現了兩位數的強勁成長，營收成長了 11.9%，達到 17 億美元，這主要得益於客戶數量的成長。本季我們新增了 29,000 個企業客戶關係，每個企業客戶關係的收入成長了 5%。

These results are driven by connectivity, as the rollout of DOCSIS 3.1 has enabled us to offer gigabit speeds to small businesses. And our investment to push fiber deeper in our network helps us continue to increase the number of midsize customers. All business services segments -- small, medium-sized, and now enterprise -- are focused on connectivity and have substantial room for future growth.

這些成果得益於網路連線的改善，DOCSIS 3.1 的推出使我們能夠為小型企業提供千兆速度的網路服務。我們增加投資，將光纖更深入地鋪設到網路中，這有助於我們繼續增加中型客戶的數量。所有商業服務領域——小型、中型以及現在的企業級——都專注於連接性，未來還有很大的成長空間。

Now let's turn to slide 7 to discuss our cable expenses and margin. First-quarter cable communications EBITDA increased 4.7% to $5.4 billion, resulting in a margin of 40.1%, up 50 basis points compared to the first quarter of 2017. We continue to believe our full-year margins could be as much as 50 basis points higher compared to last year.

現在讓我們翻到第 7 張投影片，討論一下我們的有線電視費用和利潤率。第一季有線通訊業務的 EBITDA 成長 4.7% 至 54 億美元，利潤率為 40.1%，比 2017 年第一季成長 50 個基點。我們仍然相信，與去年相比，我們全年的利潤率可能會提高 50 個基點。

We have added 745,000 total customer relationships over the last 12 months, which translates into 2.6% growth year over year in our customer base. If we look at our cable financial results on a per-customer relationship basis, we increased total revenue per customer relationship by 0.9% and EBITDA per customer relationship by 2%. These results were driven by growth in our high-margin connectivity businesses and our focus on cost control.

在過去的 12 個月裡，我們新增了 745,000 個客戶關係，這意味著我們的客戶群年增了 2.6%。如果我們以客戶關係來看待我們的有線電視財務業績，我們每個客戶關係的總收入成長了 0.9%，每個客戶關係的 EBITDA 成長了 2%。這些業績得益於我們高利潤率的連結業務的成長以及我們對成本控制的重視。

Programming expense growth moderated to 3% this quarter. After experiencing double-digit growth for the past two years, driven by the timing of several contract renewals, this quarter's growth is mainly driven by normal escalators in our programming contracts, partially offset by a loss of video subscribers.

本季程式費用成長放緩至3%。過去兩年，由於幾份合約續約的時機，公司實現了兩位數的成長。本季的成長主要得益於節目合約中正常的價格上漲，但部分被視訊訂閱用戶的流失所抵消。

Non-programming expenses increased 2.8% this quarter. We continue to benefit from the investments we've made in customer experience initiatives as well as disciplined cost management overall. Notably, customer service expense continues to improve, declining 2% this quarter even as we grew total customer relationships by 273,000.

本季非程式支出成長了2.8%。我們持續受益於在客戶體驗舉措方面的投資以及整體上嚴格的成本管理。值得注意的是，客戶服務費用持續改善，本季下降了 2%，而客戶關係總數增加了 273,000 個。

Now let's move on to NBCUniversal's results. On slide 8, NBCUniversal's revenues increased 21.3% and EBITDA increased 13.1% to $2.3 billion in the quarter. These exceptional results were driven in part by the successful broadcasts of the 2018 Winter Olympics and the NFL Super Bowl, which generated an incremental $1.6 billion of revenue at our TV businesses, of which over $1.2 billion is related to advertising revenue. In addition to these big events, NBCUniversal's results reflect healthy growth in retrans and affiliate fees at our TV businesses and strong results at our theme parks.

現在我們來看看NBC環球的業績。第 8 頁顯示，NBCUniversal 的營收在本季成長了 21.3%，EBITDA 成長了 13.1%，達到 23 億美元。這些卓越的業績部分得益於 2018 年冬季奧運會和 NFL 超級盃的成功轉播，這兩項賽事為我們的電視業務帶來了 16 億美元的額外收入，其中超過 12 億美元與廣告收入有關。除了這些重大事件之外，NBC環球的業績還反映出我們電視業務的轉播費和附屬費的健康成長，以及我們主題樂園的強勁業績。

Cable networks revenue increased 21% to $3.2 billion and EBITDA increased 13.7% to $1.3 billion. Excluding $378 million of revenue associated with the Winter Olympics, revenue increased 6.6%, reflecting solid growth in distribution, advertising and content licensing, and other revenue.

有線電視網路營收成長 21% 至 32 億美元，EBITDA 成長 13.7% 至 13 億美元。在剔除與冬季奧運相關的 3.78 億美元收入後，營收成長了 6.6%，反映出分銷、廣告和內容授權以及其他收入的穩健成長。

Distribution revenue increased 5.7% this quarter, reflecting the continued benefit of previous renewals of distribution agreements, partially offset by a decline in subscribers at our cable networks. Advertising revenue increased 2.4%, reflecting the impressive performance of MSNBC as well as strong overall pricing that was partially offset by ratings declines and the impact of channel closures. Lastly, content licensing and other revenue increased 26% due to new licensing deals and the timing of content provided under current agreements.

本季分銷收入成長了 5.7%，反映了先前分銷協議續約帶來的持續收益，但部分被有線電視網路用戶數量的下降所抵消。廣告收入成長了 2.4%，這反映了 MSNBC 的出色表現以及強勁的整體定價，但部分被收視率下降和頻道關閉的影響所抵消。最後，由於新的授權協議以及根據現有協議提供內容的時機，內容授權和其他收入成長了 26%。

Broadcast television revenue increased 58.3% to $3.5 billion and EBITDA increased 57.5% to $507 million. Excluding $770 million of revenue associated with the Winter Olympics and $423 million of revenue generated by the broadcast of NFL's Super Bowl, revenue increased 4.3%, primarily reflecting higher retransmission revenue.

廣播電視營收成長 58.3% 至 35 億美元，EBITDA 成長 57.5% 至 5.07 億美元。除去與冬季奧運會相關的 7.7 億美元收入和 NFL 超級盃轉播產生的 4.23 億美元收入，收入增長了 4.3%，主要反映了轉播收入的增加。

Retrans revenue increased about 18% to nearly $415 million. In addition, advertising revenue, excluding the Olympics and Super Bowl, was stable, as a strong scatter market offset ratings declines.

Retrans 營收成長約 18%，達到近 4.15 億美元。此外，除奧運和超級盃之外，廣告收入保持穩定，強勁的零散市場抵消了收視率的下降。

Film revenue declined 16.3% and EBITDA declined 45.2% to $203 million, primarily driven by lower theatrical revenue. Coming off the most profitable year in its history, film results were down due to the size and timing of the slate.

電影收入下降 16.3%，EBITDA 下降 45.2% 至 2.03 億美元，主要原因是影院收入下降。由於影片數量和上映時間的限制，電影票房在經歷了公司歷史上最盈利的一年後有所下降。

While the third installment of Fifty Shades delivered strong results in the quarter, it was a tough comparison to the higher number of films during last year's first quarter. As Brian said, we remain focused on our franchise strategy and we are excited to have the return of one of our biggest franchises with Jurassic World: Fallen Kingdom opening in the second quarter.

雖然《五十度灰》第三部在本季取得了強勁的票房成績，但與去年第一季電影數量較多的情況相比，這是一個很大的差距。正如布萊恩所說，我們仍然專注於我們的特許經營策略，我們很高興看到我們最大的特許經營系列之一《侏羅紀世界：失落國度》在第二季度上映。

Finally, theme parks revenue increased 14.5% and EBITDA increased 24.6% to $495 million. These strong results are partly driven by the timing of spring break, which was concentrated in the second quarter of last year. Even if we exclude this benefit, EBITDA growth would still be strong, up double digits compared to last year, driven by higher per-capita spending. In the second quarter, we expect to benefit from several new attractions opening that Brian highlighted earlier.

最後，主題樂園收入成長了 14.5%，EBITDA 成長了 24.6%，達到 4.95 億美元。這些強勁的業績部分得益於春假的時間安排，春假集中在去年的第二季。即使不考慮這項收益，受人均支出增加的推動，EBITDA 成長依然強勁，與去年相比將實現兩位數成長。第二季度，我們預計將受益於布萊恩之前提到的幾個新景點的開放。

Now let's move on to slide 9 to review our consolidated and segment capital expenditures. Consolidated CapEx decreased 5% to $2 billion in the first quarter. At cable communications, capital expenditures decreased 5.2% to $1.7 billion for the quarter, resulting in capital intensity of 12.5%. For the full year, we continue to expect capital intensity to be favorable relative to 2017 by as much as 50 basis points.

現在讓我們來看看第 9 張投影片，回顧一下我們的合併和分部資本支出。第一季綜合資本支出下降5%至20億美元。有線通訊產業的資本支出在本季下降了 5.2%，至 17 億美元，導致資本密集度為 12.5%。我們預計全年資本密集度將比 2017 年降低 50 個基點。

For the quarter, the decrease in spending is driven by a decline in spending on customer premise equipment, primarily related to X1, which is now deployed to over 60% of our residential video customers. Partially offsetting this lower spending was increased investment in scalable infrastructure to increase network capacity and increased investment in line extensions to reach more business and residential customer addresses. We expect the composition of our capital spending to continue to shift away from video-centric customer premise equipment and towards connectivity-driven broadband infrastructure spending.

本季支出下降的原因是客戶終端設備支出減少，主要與 X1 有關，目前 X1 已部署到我們 60% 以上的住宅視訊客戶。部分抵銷支出減少的是，對可擴展基礎設施的投資增加，以提高網路容量，以及對線路延伸的投資增加，以涵蓋更多企業和住宅客戶地址。我們預計資本支出組成將繼續從以視訊為中心的客戶終端設備轉向以連接為導向的寬頻基礎設施支出。

At NBCUniversal, first-quarter capital expenditures decreased 5.6% to $269 million. However, this is mainly timing-related and for the full year we expect capital spending to increase at NBCUniversal, with the majority of the investment directed to our theme parks.

NBC環球第一季資本支出下降5.6%至2.69億美元。然而，這主要與時間有關，我們預計NBC環球全年資本支出將會增加，其中大部分投資將用於我們的主題樂園。

And now finishing up on slide 10, let's cover return of capital. As I mentioned earlier, we generated $3.1 billion in free cash flow in the quarter. We returned $2.2 billion of that to shareholders, about a 60% increase over last year.

現在我們來看第 10 張投影片，關於資本回報。正如我之前提到的，我們本季產生了 31 億美元的自由現金流。我們向股東返還了其中的 22 億美元，比去年增長了約 60%。

This includes $738 million in dividends and share repurchases of $1.5 billion in the first quarter. This equates to an annualized rate of $6 billion, nicely above the minimum target for 2018 of $5 billion, which we reaffirmed at the time of the Sky announcement. In addition, we remained at net leverage of 2.2 times EBITDA.

這其中包括第一季支付的 7.38 億美元股息和 15 億美元的股票回購。這相當於年化收入 60 億美元，遠高於 2018 年 50 億美元的最低目標，我們在 Sky 宣布這一目標時重申了這一目標。此外，我們的淨槓桿比率仍為 EBITDA 的 2.2 倍。

Regarding potential acquisitions, it is our job to continuously evaluate whether there are opportunities for us to create value. But should we pursue anything while our stock is at these levels, while circumstances can always change, I think it is unlikely that we would use Comcast shares as a medium of exchange for a transaction. Our strong balance sheet allows us to consider strategically important opportunities at times like this.

對於潛在的收購，我們的職責是不斷評估是否有創造價值的機會。但是，如果我們在股價處於當前水平時進行任何操作，雖然情況總是會發生變化，但我認為我們不太可能使用康卡斯特股票作為交易的交換媒介。我們穩健的資產負債表使我們能夠在這樣的時期考慮具有戰略意義的重要機會。

Thanks for joining us this morning. I will just conclude by saying we feel great about the fundamentals and underlying strength of our businesses. Our first quarter results support that and set us up well for a strong 2018.

感謝您今天早上收看我們的節目。最後我想說的是，我們對公司的基本面和內在實力感到非常滿意。我們第一季的業績也印證了這一點，並為2018年的強勁發展奠定了良好的基礎。

With that, I will hand it back to Jason.

然後，我就把它還給傑森了。

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

好的，謝謝你，麥克。Regina，我們現在開始問答環節吧。

(Operator Instructions) John Hodulik, UBS.

（操作說明）John Hodulik，瑞銀集團。

Thanks. Maybe to focus on the strategic topic. Brian, as you said, you are seeing increasing competition in the video market here in the US. And with the Sky transaction, you will be purchasing an asset that is primarily a satellite TV distribution company.

謝謝。或許應該集中精力討論策略性話題。布萊恩，正如你所說，美國視訊市場的競爭日益激烈。透過收購 Sky，您將購買一家主要從事衛星電視分發業務的資產。

Is there reason to believe that the video market in Europe will not evolve similarly to what we've seen here in the US? And then number two, as a follow-up, just if you could give us any color on the $500 million in synergies, or any more details would be great. Thanks.

是否有理由相信歐洲的視訊市場不會像美國那樣發展？其次，作為後續問題，如果您能透露 5 億美元的綜效的具體情況，或提供更多細節，那就太好了。謝謝。

Thank you, John. Look, they are very different markets. Obviously, video and television have many similarities, but you really have to do the work and look at the competitive situation, dynamic, the future potential for competition. And I think the markets are just coming from different vantage points.

謝謝你，約翰。你看，它們是截然不同的市場。顯然，視訊和電視有很多相似之處，但你真的需要做些工作，看看競爭情況、動態以及未來的競爭潛力。我認為市場只是從不同的角度看問題而已。

Also, Sky has a terrific programming business, content creation business, over-the-top business. And so we looked at it and continue to look at it, look at their quarterly results, which they posted last week. And they also are in the broadband business in the UK and they made announcements that they intend to do so in Italy.

此外，Sky 還擁有非常出色的節目製作業務、內容創作業務和 OTT（Over-the-Top，即網路電視）業務。因此，我們研究了他們的業績，並將繼續研究，研究他們上周公布的季度業績。他們還在英國從事寬頻業務，並宣布打算在義大利開展寬頻業務。

So we are impressed with just the continuing momentum at the business. The ability to have a content and distribution company that looks very similar to Comcast NBCUniversal. Mike?

因此，我們對公司持續的發展勢頭印象深刻。擁有一家與康卡斯特NBC環球非常相似的內容和發行公司的能力。麥克風？

On synergies, John, $500 million is the same categories, I would say, that we flagged that we expected to see when we did the 2.4. But it's about $300 million of expense side, $200 million of revenue synergies.

關於協同效應，約翰，5億美元與我們在2.4版本中預期看到的類別相同。但其中約有 3 億美元的支出，2 億美元的收入綜效。

On the expense side, just think about the amount of third-party spending that two businesses at our scale does. And then the ability to get some efficiencies across the two companies in some of the more administrative and production side of things. All that $300 million represents such a small percentage of the overall expense base that we're confident that's gettable, as we said earlier.

從支出來看，想想我們這個規模的兩家企業在第三方方面的支出金額就知道了。然後，還能在兩家公司的一些行政和生產上提高效率。這 3 億美元在總支出基數中所佔比例非常小，正如我們之前所說，我們有信心能夠籌集到這筆資金。

And then on the revenue side, it's again $200 million. When you think of, again, about the ability to add to the power of monetization of Sky content in the US and to some degree NBC content elsewhere, together with the strength of what we can do in producing new originals together is what gets you to those combined $500 million or so.

營收方面，也是2億美元。再想想，我們有能力增強 Sky 在美國的內容貨幣化能力，並在一定程度上增強 NBC 在其他地區的節目貨幣化能力，再加上我們共同製作原創節目的能力，這才能讓我們獲得大約 5 億美元的總收入。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

I will stay with the strategic theme as well. So I guess my and most people's reading is that your interest in Sky and Fox signals a view that the scale required for the next generation of media is likely to be much, much greater.

我也會繼續圍繞戰略主題展開討論。所以我想我和大多數人的理解是，你對天空電視台和福斯電視台的興趣表明，你認為下一代媒體所需的規模可能會大得多。

First, is that right? And is the production side of that business, does that require much larger scale and it's perhaps more than just Sky, but a real addition to the studio? And then if that is a global concept, I wonder if you could revisit your thoughts about how the US fits into that with a sort of direct-to-consumer platform outside of your existing footprint?

首先，是這樣嗎？而這項業務的製作方面，是否需要更大的規模，也許不只是 Sky，而是工作室的真正補充？如果這是一個全球性的概念，我想知道您能否重新思考一下，在您現有業務範圍之外，透過某種直接面向消費者的平台，美國如何融入其中？

Okay. Well, thank you, Craig. Let me start by saying, because there has been some commentary around this question of strategic intent, is that love our core businesses. And anybody who is viewing this as some divergent from that is not reading us properly in my judgment.

好的。謝謝你，克雷格。首先我想說的是，因為圍繞著戰略意圖這個問題已經有一些評論，那就是我們熱愛我們的核心業務。依我之見，任何將此視為與上述觀點相悖的人，都沒有正確理解我們的意思。

We didn't choose to put Sky in play or any other asset in play. That event happened around us. The question is: do we take a look at it and engage? And as we have done the work, and in M&A generally, as Mike just articulated and I tried to earlier, what are the reasons to do it and what are the reasons not to do it.

我們沒有選擇將天空電視台或其他任何資產投入市場。那件事就發生在我們身邊。問題是：我們是否應該關注並參與其中？正如我們所做的工作，以及在併購領域，正如麥克剛才闡述的，也是我之前嘗試闡述的，進行併購的理由是什麼，不進行併購的理由又是什麼。

And we look at all of that. And we think we are disciplined. We think we have a great track record. Nobody is perfect. But I go back to NBCUniversal and say we didn't have to do that. And at the time, there was what's the strategic rationale and other things.

我們會考慮所有這些因素。我們認為自己很有紀律。我們認為我們擁有非常出色的業績記錄。沒有人是完美的。但我回到NBC環球公司後會說，我們其實不必那麼做。當時，還有戰略理由和其他一些問題。

In the end, you want to buy it right, you want to operate it right, and you want to make a strategy and a growth trajectory for your company that's better than without it. That's how you build an organization over 50 years.

最終，你希望以正確的方式購買它，以正確的方式運作它，並為你的公司製定比沒有它更好的策略和成長軌跡。這就是組織在50年內發展壯大的方法。

So in the question of scale and looking at the future, again, I don't think we have to do this. I don't think international broadly is a strategy. I think it is a unique asset in Sky's case that fits well within the mix of businesses we have already got. And is aligned with our existing strategy of integrating content distribution.

所以，就規模和未來而言，我認為我們不必這樣做。我不認為國際化是一種戰略。我認為，就 Sky 而言，這是一項獨特的資產，能夠很好地融入我們現有的業務組合中。並且與我們現有的整合內容分發策略一致。

And a benefit is that you would get new geographies and additional scale, which gives you optionality for future things to consider, not a requirement or a necessity.

這樣做的好處是，您可以拓展新的地域和擴大規模，這為您未來的發展提供了更多選擇，但這並非一項要求或必要條件。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·雷夫·科恩，美國銀行美林證券。

Thanks. I'd like to maybe switch gears to NBCU. And I don't know if Steve is on the phone, but just a question or two is as you approach the upfront, what will be different this year in how you sell those or how buyers view the market? Or how the marketplace occurs, whether it's targeting or demos or digital versus linear?

謝謝。我或許想轉投NBC環球。我不知道史蒂夫是否在電話裡，但我只想問一兩個問題：隨著預售季的臨近，今年在銷售方式或買家對市場的看法方面會有什麼不同？或者說，市場是如何形成的，無論是目標定位、使用者畫像，或是數字與線性模式的對比？

And then secondly, could you comment on the health of the movie business? And any changes in distribution with the Fox-Disney deal combination pending. Does that change premium video-on-demand or the potential premium video-on-demand?

其次，您能否談談電影產業的現況？以及福斯與迪士尼合併後發行方式的任何變更。這會改變付費視訊點播市場還是潛在的付費視訊點播市場？

Okay, so this is Steve. First on advertising, we are entering the upfront, which is two weeks from Monday, is our presentation. It's amazing how quickly it comes every year. But we are entering the upfront in the strongest position we have since we arrived seven or eight years ago at NBCUniversal.

好的，這位是史蒂夫。首先說廣告方面，我們將進入預售階段，也就是兩週後的周一，屆時我們將進行產品推廣。每年它都來得如此之快，真是令人驚訝。但就我們七、八年前加入 NBCUniversal 以來而言，我們正處於最有利的預售階段。

We are over -- if you look at NBC, we are over 40% ahead of the number two network in ratings. We had a very, very high percentage of the big nights in television between the Olympics and the Super Bowl, the Golden Globes. We have a very, very strong schedule.

我們已經領先了——如果你看看NBC，我們的收視率比排名第二的電視台高出40%以上。從奧運會到超級碗，再到金球獎，我們佔據了電視螢幕上許多重要夜晚的播出時段。我們的日程安排非常非常緊湊。

And scatter for the last two or three quarters has been quite strong. The first quarter was the strongest quarter for scatter that we've had in a while. It's too early to say what the second quarter will be. But I think we have the cards to enter the upfront in a stronger position than we have in many years.

過去兩、三個季度散股表現相當強勁。第一季是近段時間以來散戶交易表現最強勁的季度。現在判斷第二季的情況還為時過早。但我認為我們有能力以多年來最有利的地位進入前列。

In addition, there is a pendulum swing that happens between traditional linear broadcast and cable and digital. And I think for a whole variety of reasons advertisers are coming to the conclusion that that pendulum ought to swing back in our favor.

此外，傳統線性廣播與有線電視和數位電視之間也存在著鐘擺式的搖擺。我認為，出於各種各樣的原因，廣告商們逐漸得出結論：風向應該向我們這邊擺動。

It's not to say it definitely will, but there's certainly signs in people that we have talked to of a coming home to a trusted environment where an ad can be in context, where an ad can be watched the way people watch television ads from the beginning until the end. And behaviors change and brands are built and businesses succeed.

這並不是說一定會如此，但我們與一些人交談後，確實有跡象表明，人們正在回歸一個值得信賴的環境，在這個環境中，廣告可以放在合適的語境中，可以像人們觀看電視廣告那樣，從頭到尾觀看廣告。行為會改變，品牌會建立，企業會成功。

So for all those reasons, the strength of our portfolio in general but in particular with NBC and also the strength of the market and the pendulum coming back to television, I am really looking forward to a very robust upfront.

因此，基於以上所有原因，包括我們整體投資組合的實力，特別是NBC的實力，以及市場的強勁勢頭和電視行業的復甦，我非常期待一個非常強勁的預售季。

In terms of film, Universal has been around something like 105 years. And we have set the record for operating cash flow consecutively in two of the last three years. We had the highest year -- our best year ever last year.

就電影而言，環球影業已經有大約105年的歷史了。在過去三年中，我們連續兩年創下經營現金流紀錄。去年我們取得了有史以來最好的成績。

This year, because we are comping against that year and you see it in the first-quarter results, we won't be quite as strong in terms of film. But we are going to plenty strong, in my opinion. We are looking forward to Jurassic World on June 18. We have Mamma Mia coming back as a sequel. We have The Grinch at the end of this year.

今年，由於要與去年同期進行比較（從第一季業績可以看出），我們在電影方面不會像去年那麼強勁。但我認為我們會非常強大。我們非常期待6月18日上映的《侏羅紀世界》。《媽媽咪呀》即將推出續集。今年年底我們將上映《聖誕怪傑》。

And our approach to our film business, led by Jeff Shell, has been to build on franchises, which we have more now than ever, and animation. And the purchase of DreamWorks Animation is going to start bearing fruit starting next spring with our first new release under our control. And of course, Illumination has never been stronger.

在 Jeff Shell 的領導下，我們對電影業務的策略是發展系列電影（我們現在擁有的系列電影比以往任何時候都多）和動畫。收購夢工廠動畫公司將從明年春天開始結出果實，屆時我們將推出首部由我們掌控的新作品。當然，照明集團的實力也從未如此強大。

So we feel very good about the film business. I do believe that technology allows windowing to occur that will be beneficial to the film business. And it's hard to say when and how that is going to happen, but we are doing so well in the film business, that's just upside for us.

所以我們對電影產業前景非常樂觀。我相信，科技的發展使得窗口期的出現對電影產業有利。很難說這種情況何時以及如何發生，但我們在電影業發展得非常好，這對我們來說絕對是件好事。

And very proud of our team and their approach to the business, their discipline, their creative risk-taking, and the kind of movies that we are making, which are making Universal more profitable than ever.

我為我們的團隊以及他們的經營理念、紀律性、創造性的冒險精神，以及我們正在製作的電影類型感到非常自豪，這些電影讓環球影業比以往任何時候都更加盈利。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you, good morning. I have two questions. Mike, I think -- just want to go back to your comment before. You talked about where your stock is today and that as a currency. Just want to make sure we are hearing you right. Sounds like you are taking any equity finance deal off the table at the moment.

謝謝，早安。我有兩個問題。麥克，我想——只是想回到你之前的評論。你談到了你目前的股票價格，並將其視為一種貨幣。我只是想確認一下我們是否理解正確。聽起來你目前已經放棄了任何股權融資交易的想法。

And then related to that, can you just remind us how far you would take the leverage or the Company is comfortable taking leverage up through acquisitions? Just so we can put some parameters around there? And then I have a follow-up for Dave.

另外，您能否提醒我們一下，貴公司或貴公司在透過收購提高槓桿率方面能夠接受的程度？這樣我們就可以給它設定一些參數了？然後我還有一個後續問題想問戴夫。

Sure. I don't really have much to add to what I earlier said. Obviously any comment like that is subject to facts and circumstances at the moment. But since I have been getting the question about would we or wouldn't we in a variety of different possible scenarios I guess in people's mind, I just want to make personally the point that I don't see us using stock at these levels, period. So that's the point I was making earlier, really in response to a question that I have been getting.

當然。我沒什麼要補充的了。顯然，任何此類評論都取決於目前的具體事實和情況。但是，由於我一直被問到在各種不同的可能性情況下我們會這樣做，我想在人們的腦海中，我只想就我個人而言表明一點，我認為我們不會在這個價位使用股票，就這麼簡單。這就是我之前想表達的觀點，其實是為了回答我一直被問到的一個問題。

In terms of does that necessarily mean we can't do anything, no. Because the follow-through on that is the strength of our balance sheet and the history of being able to take advantage of the strength we keep on our balance sheet if something makes sense. Which just ties back into what Brian said earlier about how we look at opportunities. And we are trying to always consider situations where if we can add value on top of the existing business, we view it as our job to try to do that.

至於這是否意味著我們什麼都做不了，答案是否定的。因為後續行動取決於我們資產負債表的實力，以及我們過往能夠利用資產負債表上的優勢來做正確的事情的經驗。這正好與布萊恩之前所說的我們如何看待機會的觀點相吻合。我們始終努力考慮，如果能在現有業務的基礎上增加價值，我們就認為這是我們的職責所在。

I wouldn't throw out any parameters for where we would or wouldn't go, other than the idea would be we like the leverage that we have and the strength of the balance sheet. And would be intent if we ever temporarily increased our leverage to bring it back to the neighborhood it's been operating in, in a reasonable period of time.

我不會給出任何關於我們未來發展方向的參數，只是我們喜歡我們目前擁有的槓桿作用和強勁的資產負債表。如果我們能在合理的時間內暫時增加影響力，將其帶回它一直在運作的社區，我們將非常樂意這樣做。

That's great. And then, Dave, just on the broadband business. As AT&T upgrades their network and deploys more fiber, can you talk a little bit about how your flow share sort of trends over time? Do you see any marked differences in Comcast's ability to grow the business as they upgrade their DSL plant and even U-verse plant to more fiber?

那太棒了。然後，戴夫，就說說寬頻業務吧。隨著 AT&T 升級其網路並部署更多光纖，您能否談談您的流量份額隨時間變化的趨勢？您認為隨著 Comcast 將其 DSL 網路甚至 U-verse 網路升級為更多光纖，其業務成長能力是否會有顯著變化？

And are you doing anything around Verizon's 5G deployments in terms of just preparing the business or your customers for their deployment later this year? I realize the markets aren't all announced yet, but I'm just wondering how you are thinking about that.

你們是否針對 Verizon 的 5G 部署做了任何準備工作，例如幫助企業或客戶為今年稍後的部署做好準備？我知道市場數據還沒有全部公佈，但我只是想知道你對此有何看法。

Well, Ben, first off, I think you go through competitive cycles. And certainly we saw that earlier with AT&T moving more of their DSL footprint over. Once these adjustments happen, you level off. We make some adjustments to how we go to market and then there is sort of the new normal that exists.

嗯，本，首先，我認為你會經歷競爭週期。當然，我們之前也看到過這種情況，AT&T 將其更多的 DSL 服務轉移到了線上。這些調整完成後，你的表現就會趨於穩定。我們對市場策略進行了一些調整，然後就形成了一種新的常態。

What we are seeing is we have great momentum. We really like the trajectory of our broadband business. So we had a good result, as you all saw with the 379,000 new high-speed customers. And we think there is more room here. There's more room in share; there's more room in terms of how we approach the marketplace.

我們現在看到的是，我們擁有強大的發展勢頭。我們非常看好寬頻業務的發展軌跡。所以，我們取得了不錯的成績，正如大家所看到的，新增了 379,000 名高速用戶。我們認為這裡還有更大的發展空間。市佔率方面還有更大的發展空間；我們在開拓市場的方式上也有更大的發揮空間。

So when you look at -- you know, Mike and Brian talked about the overall market growth in terms of broadband, in terms of homes passed. From our standpoint, when you go up against a lower-end broadband, how we are talking about how we compete, we talk about connected devices, how much consumption is going on. And our focus on providing a superior speed, coverage, and control answer to the broadband marketplace I think is working.

所以，當你觀察——你知道，麥克和布萊恩談到了寬頻市場的整體成長，以及家庭用戶數量的成長。從我們的角度來看，當面對低端寬頻時，我們談論的是如何競爭，我們談論的是連網設備，以及流量消耗情況。我認為，我們專注於為寬頻市場提供更優的速度、覆蓋範圍和控制解決方案，並且正在取得成效。

So from our standpoint, you go through it and there's an opportunity to win some customers back that maybe are testing the waters. But I think our network is really designed and has great opportunities to scale around this new market.

所以從我們的角度來看，透過這個過程，有機會贏回一些可能正在試探市場反應的客戶。但我認為我們的網路設計非常成熟，並且在這個新市場中擁有巨大的擴展潛力。

We increase the capacity every 18 to 24 months. And so I just feel that not all broadband networks are created equal. We have a great network designed I think to help us compete with more consumption.

我們每隔18到24個月增加產能。所以我覺得並非所有寬頻網路都一樣。我認為，我們擁有一個很棒的網絡，它的設計旨在幫助我們應對更大的消費挑戰。

And in 5G, you know, we are paying close attention to it. We are testing our own results in terms of what this can do. And we still feel that I think it could be a good opportunity for a mobile network provider to enhance their mobile applications and mobile service. It's a different question around whether or not what they will do in terms of fixed broadband.

你知道，在 5G 領域，我們非常關注這一點。我們正在測試我們自己的結果，看看它能做到什麼程度。我們仍然認為，這對於行動網路營運商來說可能是一個很好的機會，可以增強他們的行動應用程式和行動服務。至於他們在固定寬頻方面會採取什麼行動，那是另一個問題。

So our focus, whether it's Verizon or whoever, is to continue to build out our network. We're very focused around broadband. We are going to test opportunities with 5G. But we are not going to stand still. We are going to continue to enhance our network capabilities.

因此，無論是Verizon還是其他任何公司，我們的重點都是繼續建立我們的網路。我們非常關注寬頻領域。我們將測試5G帶來的各種機會。但我們不能停滯不前。我們將持續提升網路能力。

And you look at in terms of just overall consumption, just at a high level, you look at the top 10% of our customers, just how much they use, they are using 20 or more connected devices. And it's a tremendous amount of consumption that we have.

從整體消費水準來看，從宏觀層面來看，我們排名前 10% 的客戶，他們的使用量有多大，他們使用的連網裝置數量達到 20 個或更多。我們的消費量非常龐大。

And I think that's where the market is going. There is going to be more consumption, more connected devices. And so our focus is to provide the best in-home solution. And we will see what happens with 5G, but in the current spectrum use, the current way they are looking at it, I'm still very confident of our ability to compete.

我認為這就是市場的發展方向。消費量將會增加，連網設備也會越來越多。因此，我們的重點是提供最好的家庭解決方案。我們會看看 5G 的發展情況，但就目前的頻譜使用情況和他們目前看待光譜的方式而言，我仍然對我們的競爭能力充滿信心。

Jonathan Chaplin, New Street Research.

喬納森‧查普林，新街研究公司。

Thanks. I'm wondering if you can give us a little bit more context on trends in the wireless business this quarter. So of the $189 million losses that you reported, associated with wireless, how much of that is one-time costs associated with getting the business started versus sort of ongoing costs?

謝謝。我想請您詳細介紹一下本季無線通訊產業的趨勢。那麼，在你報告的與無線業務相關的 1.89 億美元虧損中，有多少是與業務啟動相關的一次性成本，又有多少是持續性成本？

And then how does the cost profile of the business change now that you have the JV with Charter, where they are covering some of the platform development costs? And then finally, when do you expect the pace of net adds to start accelerating as you upgrade the stores and get your sales channel really behind the product? Thanks.

那麼，現在你們與 Charter 成立了合資企業，由他們承擔部分平台開發成本，那麼企業的成本結構又會發生什麼樣的變化呢？最後，隨著店鋪升級和銷售通路真正支援產品，您預期淨增用戶數量何時開始加速成長？謝謝。

It's Mike. I will start and then I will let Dave take over. But actually feel pretty good about the [196,000] (corrected by company after the call) line adds, close to 600,000 thus far. We feel pretty good about the launch.

是麥克。我先開始，然後讓戴夫接手。但實際上我對新增的 [196,000] （電話會議後公司更正）線路感到非常滿意，到目前為止已接近 600,000。我們對這次發布感覺相當不錯。

But in terms of the expenses, the $189 million of EBITDA losses: in line with what we had guided. We had several hundred million of losses last year. There will be a few hundred more this year. And that is really as we are acquiring customers and ramping the business.

但就支出而言，EBITDA 虧損 1.89 億美元：與我們先前的預期一致。我們去年損失了數億美元。今年還會有幾百例。而這正是我們獲取客戶和擴大業務規模的過程。

We also have to cover expenses of just getting a business started, from marketing departments, technology departments, the like, just core infrastructure. We will get some benefit in our deal with Charter of bearing some of those costs together.

我們還得支付公司成立初期的各種費用，例如行銷部門、技術部門等等，以及核心基礎建設。我們與Charter達成協議，共同承擔部分成本，這將為我們帶來一些好處。

And in terms of where we go from here, I will let Dave comment. But as we always said, when we get to scale in the business, we will be able to cover those costs and be NPV-positive on a per-customer basis once we get to scale.

至於我們接下來該怎麼做，就讓戴夫來評論吧。但正如我們一直所說，當我們的業務規模擴大後，我們將能夠涵蓋這些成本，一旦達到規模，每個客戶的淨現值將為正。

Well, so as Mike said, I think we are off to a really good start at mobile. It is early; launched last May. I think the consumer response to the choice of by the gig or unlimited is working.

正如麥克所說，我認為我們在行動領域開局非常順利。現在還處於早期階段；去年五月就發布了。我認為消費者對按次付費或無限量付費的選擇的反應是有效的。

And it's still early in terms of how we expand distribution. You mentioned kind of where we are at with that. We have launched now completely our retail stores. We didn't have to add a lot of retail stores; we just converted our existing stores and providing the capability to sell mobile in them. So that's going very well.

就我們如何擴大分銷管道而言，目前還處於早期階段。你剛才提到了我們目前在這方面的進展。我們的零售店現已全面開幕。我們不需要增加很多零售店；我們只是改造了現有的門市，並使其具備了銷售手機的能力。一切進展順利。

We continue to press I think a very good digital solution. And we are just now beginning to package mobile solutions with broadband with other options. So I think it is relatively early, but we like the early trajectory of that.

我認為我們將繼續努力，爭取找到一個非常好的數位化解決方案。我們現在才開始將行動解決方案與寬頻和其他選項打包在一起。所以我覺得現在下結論還太早，但我們對目前的進展趨勢感到滿意。

On Charter, just one other comment. Given the amount of alignment and how we both looked at the business, this is just I think a really logical next step. And so as Mike mentioned, it helps us reduce cost.

關於 Charter，我還有一點要補充。鑑於我們之間的高度契合以及我們對公司業務的看法，我認為這是一個非常合乎邏輯的下一步。正如麥克提到的那樣，這有助於我們降低成本。

But I think it's even more than that. It's a really -- it has the potential to be a really good operational partnership. We are both focused on back-office operations. It's really critical to how you scale this new business. And having Charter at the table thinking through the right answers to how we scale it I think is going to be a good help. So it reduces cost, it's efficient, it's a good thing. But I'm real pleased that we were able to bring this partnership forward.

但我認為它的意義遠不止於此。這真的很有潛力成為非常好的營運夥伴關係。我們都專注於後台營運。這對於你如何擴大這項新業務的規模至關重要。我認為，Charter參與進來，共同思考如何擴大規模的正確答案，將會對我們大有裨益。所以它能降低成本，效率高，是件好事。但我很高興我們能夠促成這項合作。

Scott Goldman, Jefferies.

Scott Goldman，傑富瑞集團。

Good morning, guys. I guess, Mike, maybe just on the programming expense. Probably a bit lower than most people were expecting. It doesn't look like you have a lot of major renewals going on this year.

各位早安。我猜，麥克，也許只是程式設計的開支。可能比大多數人預期的要低。看起來你們今年並沒有很多重要的續約項目。

I know you have signaled that this year might be a little bit lower than perhaps the historical average. Wondering if that view has changed at all or how we should think about 2018 from a programming expense side of the equation.

我知道您曾表示今年的產量可能會略低於歷史平均值。想知道這種觀點是否有所改變，或者我們應該如何從程式設計成本的角度看待 2018 年。

And then secondly, just maybe talk a little bit on the video side, what you're seeing in terms of vMVPD competition. How effective is Instant TV. I know it's probably early there, but how effective is that in terms of targeting some of the competition there? Thanks.

其次，能否稍微談談視訊方面，您目前在虛擬多頻道視訊節目分銷商 (vMVPD) 競爭方面看到了什麼？即時電視的效果如何？我知道現在可能還為時過早，但就打擊當地競爭對手而言，這種做法的效果如何？謝謝。

Sure. It's Mike. I will start out. So as we said, we expected programming cost to come down to historical levels in this year after the couple of years of big renewals. So we are back in the land of regular escalators.

當然。是麥克。我先開始。正如我們所說，經過前幾年的大規模續約，我們預計今年的節目製作成本將降至歷史水平。所以我們又回到了普通自動扶梯的世界。

And as I said earlier, that combined with some of the shift in mix of our customer base and some of the reductions in subs deflates the growth rate down. As a result, a little bit below the historical levels. So that's programming.

正如我之前所說，再加上客戶群結構的某些變化以及訂閱用戶數量的減少，導致成長率下降。因此，略低於歷史水準。這就是程式設計。

We will probably see trends similar for the remainder of this year, it's safe to say. And we will come back next year with further annual guidance. But that's it on programming costs.

可以肯定地說，在今年剩餘時間裡，我們很可能會看到類似的趨勢。明年我們將發布進一步的年度業績指引。但程式成本就只有這些了。

And I will let Dave comment on the competitive landscape on MVPDs.

至於多頻道視訊節目分銷商（MVPD）的競爭格局，我將請戴夫來評論。

Well, there's no question it's a competitive landscape. And don't see that changing, but we anticipated this. As we saw it thus, your point on Instant TV, very much in line with our approach toward segmenting the market place. So still early on Instant TV.

毫無疑問，這是一個競爭激烈的市場環境。這種情況預計不會改變，但我們早有預料。我們認為，您關於即時電視的觀點與我們細分市場的方法非常一致。即時電視仍處於早期階段。

But again, similar to the question on broadband, once you see a fundamental shift in competition in the new virtual folks as they build a little bit of scale and get some customers, you have a real opportunity to win them back. And so our focus is to segment the market place. But our approach is to lead with the best-in-class video solution in X1 with broadband. We package; it gives the customer the best overall value when you do that.

但同樣，與寬頻問題類似，一旦新的虛擬企業建立起一定的規模並獲得一些客戶，競爭格局發生根本性轉變，你就有真正的機會贏回他們的信任。因此，我們的重點是細分市場。但我們的策略是率先推出配備寬頻的一流視訊解決方案 X1。我們進行包裝；這樣做能為客戶帶來最佳的整體價值。

But part of this anticipated new competitive, more competitive landscape in video, we've continued to shift towards our connectivity business. And that has been absolutely part of our planning. As we look at the shift, it drives growth, both business services, residentially. Business services growing at almost 12%. There are share opportunities.

但作為預期中視訊領域競爭更加激烈的新格局的一部分，我們一直在向連接業務轉型。這絕對是我們計劃的一部分。從我們的角度來看，這種轉變推動了商業服務和住宅的成長。商業服務成長近12%。存在股票投資機會。

Our focus is very much centered on broadband. When we start a package sale, when we talk to customers, we lead with broadband. And then we complete the package from that point on. This is how we are going to compete and win I think in the marketplace.

我們的重點主要集中在寬頻領域。當我們開始進行套餐銷售，與客戶交談時，我們首先會介紹寬頻服務。然後我們就從這一點開始完成整個流程。我認為這就是我們在市場競爭中獲勝的方式。

You look at the overall opportunity, we are generating nearly $24 billion in this connectivity business in annualized revenue. It's growing at 10%. This is where our focus is. We will not -- we are going to continue to compete in video and I think that we will see how things play out.

從整體來看，我們在互聯互通業務領域每年創造的收入接近 240 億美元。它的成長率為10%。這就是我們關注的重點。我們不會——我們將繼續在視訊領域競爭，我想我們會看看事情會如何發展。

We are not going to just stop competing. We are going to absolutely be aggressive. But our focus has shifted towards the connectivity business.

我們不會就此停止競爭。我們絕對會採取積極主動的策略。但我們的重心已經轉移到連結業務。

Phil Cusick, JPMorgan.

Phil Cusick，摩根大通。

Thanks. Two follow-ups. Dave, you mentioned the shift to connectivity. Was there any pushback on the broadband price in this increase this year or any more than usual?

謝謝。兩次後續跟進。戴夫，你提到了向互聯的轉變。今年寬頻價格上漲是否遇到了阻力，或者阻力比往年更大？

And second, if I can follow up on wireless, can you talk about the contribution from bring-your-own-device launching in the quarter and how effective that was? And what type of usage and spending are you seeing from customers, especially the earlier ones who have been around for a couple of quarters? Thank you.

其次，關於無線業務，您能否談談本季推出的自帶設備 (BYOD) 模式的貢獻以及其效果如何？您觀察到的客戶，特別是那些已經合作幾個季度的老客戶，他們的使用情況和消費情況如何？謝謝。

So on broadband, in terms of rates, I would say at the highest level, we see that there's a real opportunity. Not just in share, but also in terms of how you reasonably price things.

所以就寬頻而言，就費率而言，我認為在最高層面上，我們看到了一個真正的機會。不僅在市場佔有率方面，而且在合理定價方面也是如此。

Our focus is to innovate. Just as we did with X1, we have really ramped up the ability years ago, focusing on mesh WiFi, great speeds, and then better control through the xFi app. So I think when you do all these things, it adds up to just a really compelling value proposition where you can reasonably price and then compete with a superior broadband product.

我們的目標是創新。就像我們幾年前對 X1 所做的那樣，我們確實大幅提升了它的功能，專注於網狀 WiFi、高速網絡，並透過 xFi 應用程式實現更好的控制。所以我覺得，當你做到所有這些事情之後，就能形成一個非常有吸引力的價值主張，你可以合理定價，然後與更優秀的寬頻產品競爭。

So I think that, again, not all broadband networks are created equal. If you are providing a better solution in broadband, your pricing can reflect that. So we are getting share; we can price reasonably. We are comfortable with that approach.

所以我認為，寬頻網路並非都是一樣的。如果你提供的寬頻解決方案更好，你的定價就可以反映這一點。所以我們獲得了市場佔有率；我們可以合理地定價。我們覺得這種做法沒問題。

And so in terms of wireless, I think it's too early. We just introduced bring-your-own-device. We like it. It's operationally working well. But it's a little early to go into any detail in terms of the usage metrics and the follow-up around that. But we will get back to you over time on that.

所以就無線技術而言，我認為現在還為時過早。我們剛剛推出了自備設備辦公模式。我們喜歡。運作狀況良好。但現在深入探討使用指標及其後續影響還為時過早。但我們會擇日回覆您。

Okay. If I can do one more on 5G. Brian, you mentioned continuing to work on this. What is your interest in either the millimeter wave spectrum auction later this year or maybe the CBRS auction next year? Thanks.

好的。如果我能再做一個關於 5G 的測試就好了。布萊恩，你提到要繼續做這件事。您對今年稍後的毫米波頻譜拍賣或明年的CBRS拍賣有什麼興趣？謝謝。

I don't think we have any news today on that. When we are ready to talk about that, we will. But I think Dave's answer was pretty complete earlier on our view of 5G.

我認為今天我們還沒有這方面的消息。等我們準備好談論這件事的時候，我們會談的。但我認為戴夫之前對我們關於 5G 的看法已經回答得相當全面了。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Thanks. You mentioned in prepared remarks that you are offering the gigabit speeds in 90% I think of your homes. Can you talk about how many people are actually taking these speeds? Or is it still really, really early?

謝謝。您在事先準備好的演講稿中提到，我認為您90%的家庭都能享受到千兆網速。你能說說究竟有多少人在服用這些藥物嗎？還是現在還真的還太早？

And then secondly, one clarification on the Charter JV. This is clearly different than the agreement you signed last year. So I assume there is no renewal of the prior-year agreement and that this, whatever was announced, is all encompassing? Or am I wrong there?

其次，關於 Charter JV 有一點需要澄清。這顯然與您去年簽署的協議不同。所以我認為不會續簽上一年的協議，而且無論宣布了什麼，這都是全部內容？還是我理解錯了？

Well, first off, on gigabit, yes, it is too early to talk about it. But we are primarily focused on just getting it rolled out. So that's the main thing, and putting it in a premium position. So it's a little early to talk about customers. On --

首先，關於千兆網絡，是的，現在談論它還為時過早。但我們目前的首要任務是盡快推出這項服務。所以，最重要的是把它放在優先位置。現在談論客戶還為時過早。在 -

So I just want to clarify: you are not offering it to customers yet? You're just --.

所以我想確認一下：你們目前還沒有提供客戶這項服務嗎？你簡直——。

No, we are. We absolutely are. Yes, no. It's launched and available 90%. So in terms of Charter, the aspect that you are talking about is still in effect and through May. But this agreement that we just talked is really for the operational partnership. And that's going to be the relationship that will carry forward.

不，我們是。當然是。是的，也不是。已上市，90%可用。所以就憲章而言，你提到的部分仍然有效，並將持續到五月。但我們剛才談到的這項協議其實是關於營運合作關係的。而這將會是未來一直延續的關係。

Okay, and I just would add that I think great collaboration between ourselves and Charter and we will keep informing you as that goes forward. But I just want to end by saying, Dave, you are doing a great job. Steve, the team is off to a strong start in the year. And we're looking forward to a great 2018. Thank you all for your support.

好的，我還要補充一點，我認為我們和Charter之間合作非常愉快，我們會繼續向大家通報進展。最後我想說的是，戴夫，你做得非常棒。史蒂夫，球隊今年開局表現強勁。我們期待著美好的2018年。感謝大家的支持。

Thanks, everyone. Regina, back to you.

謝謝大家。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 12 o'clock p.m. Eastern time. It will run through Wednesday, May 2 at midnight Eastern time. The dial-in number is 855-859-2056 and the conference ID number is 2589896. A recording of the conference call will also be available on the Company's website beginning at 12:30 p.m. Eastern time today.

今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間5月2日星期三午夜。撥入號碼為 855-859-2056，會議 ID 號碼為 2589896。本次電話會議的錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。

This concludes today's teleconference. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。

Caution Concerning Forward-Looking Statements

關於前瞻性聲明的注意事項

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words. We wish to take advantage of the "safe harbor" provided for by this Act, and we caution you that actual events or results may differ materially from the expectations we express in our forward-looking statements as a result of various risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from these forward-looking statements include: (1) changes in the competitive environment, (2) changes in business and economic conditions, (3) changes in our programming costs, (4) changes in laws and regulations, (5) changes in technology, (6) adverse decisions in litigation matters, (7) risks associated with strategic initiatives, including the launch of our wireless phone service, and acquisitions, (8) changes in assumptions underlying our critical accounting judgments and estimates, (9) risks associated with our pre-conditional all-cash offer for Sky plc, including completing it on anticipated terms and timing and our ability to integrate Sky with our businesses successfully and to achieve anticipated synergies or benefits, and (10) other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements. The amount and timing of share repurchases and dividends is subject to business, economic and other relevant factors.

本文件包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。在某些情況下，你可以透過諸如「可能」、「將」、「應該」、「預期」、「計畫」、「預期」、「相信」、「估計」、「預測」、「潛在」或「繼續」之類的詞語，或這些詞語的否定形式以及其他類似詞語來識別這些所謂的「前瞻性陳述」。我們希望利用本法案規定的「安全港」條款，並提醒您，由於各種風險和不確定性（其中許多是我們無法控制的），實際事件或結果可能與我們在前瞻性聲明中表達的預期存在重大差異。可能導致我們的實際績效與這些前瞻性陳述有重大差異的因素包括：(1) 競爭環境的變化；(2) 商業和經濟狀況的變化；(3) 我們的節目製作成本的變化；(4) 法律法規的變化；(5) 技術的變化；(6) 訴訟事項中的不利判斷；(7) 與數據規定的​​變化；(5) 技術的變化；(6) 訴訟事項中的不利判斷；(7) 依據標準的財務估計（98）根據我們的會計措施；與我們對 Sky plc 的有條件全現金收購要約相關的風險，包括能否按預期條款和時間完成收購，以及我們能否成功地將 Sky 與我們的業務整合，並實現預期的協同效應或收益；以及 (10) 我們在向美國證券交易委員會提交的報告和其他文件中不時描述的風險。我們不承擔更新任何前瞻性陳述的義務。股票回購和分紅的金額和時間取決於商業、經濟和其他相關因素。

IMPORTANT NOTICE RELATING TO INFORMATION ("INFORMATION") IN THIS DOCUMENT ON COMCAST CORPORATION'S ("COMCAST") OFFER FOR SKY PLC ("SKY") (THE "OFFER")

關於本文件中有關康卡斯特公司（「康卡斯特」）對天空電視台（「天空」）的收購要約（「要約」）的資訊（「資訊」）的重要通知

Further information

更多資訊

Not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction (a "Restricted Jurisdiction"). Persons accessing the Information must not, directly or indirectly, mail, transmit or otherwise forward, distribute or send the Information in, into or from any Restricted Jurisdiction.

不得直接或間接全部或部分地在任何司法管轄區內、向該司法管轄區或從該司法管轄區發布、出版或分發本作品，如果這樣做會構成對該司法管轄區相關法律或法規的違反（「受限司法管轄區」）。存取該資訊的人員不得直接或間接地將該資訊郵寄、傳輸或以其他方式轉發、散佈或發送至任何受限司法管轄區或從任何受限司法管轄區發送該資訊。

The Information is for information purposes only and is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The Information shall not form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This document does not purport to contain all of the Information that may be required to evaluate any investment in Comcast or Sky or any of their securities. Any investment decision should be made solely on the basis of any formal offer-related documentation released in relation to the Offer. Any person considering an investment in Comcast or Sky is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment.

此資訊僅供參考，不構成購買要約或認購或出售要約的招攬，也不構成購買或認購任何證券的邀請，或在任何司法管轄區內徵求任何投票。此資訊不得作為任何投資活動的基礎或依據，也不得作為誘使他人進行任何投資活動的誘因。本文件並非旨在包含評估對 Comcast 或 Sky 或其任何證券的投資可能需要的所有資訊。任何投資決定應僅依據與本次要約相關的正式文件作出。任何考慮投資康卡斯特或天空電視台的人士，在進行投資之前，都應就法律、稅務、會計、財務、信貸及其他相關事宜尋求獨立建議。

Certain industry, market and competitive position data contained in the Information may have come from official or third party sources. Although third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, there is no guarantee of its accuracy or completeness and Comcast has not independently verified such data. In addition, certain of the industry, market and competitive position data contained in the Information comes from Comcast's own internal research and estimates based on the knowledge and experience of Comcast's management in the markets in which the Comcast operates. While Comcast believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this document.

本資訊中包含的某些產業、市場和競爭地位資料可能來自官方或第三方來源。儘管第三方行業出版物、研究和調查通常聲稱其中包含的數據來自被認為可靠的來源，但不能保證其準確性或完整性，康卡斯特也沒有獨立核實這些數據。此外，資訊中包含的某些產業、市場和競爭地位數據來自康卡斯特公司本身的內部研究和估計，這些研究和估計是基於康卡斯特管理階層在康卡斯特營運所在市場的知識和經驗。雖然康卡斯特認為此類研究和估計是合理可靠的，但它們及其基本方法和假設並未經過任何獨立來源的驗證，其準確性或完整性尚未得到證實，並且可能會在不另行通知的情況下發生變更。因此，不應過度依賴本文件中包含的任何產業、市場或競爭地位資料。

Important information for Sky U.S. shareholders and Sky ADR holders

致Sky美國股東和Sky ADR持有人的重要訊息

Sky is a public limited company incorporated in England. The Offer will be made to Sky shareholders in the United States in compliance with the applicable U.S. tender offer rules under the U.S. Securities Exchange Act of 1934, as amended (the "U. S. Exchange Act"), including Regulation 14E thereunder, and otherwise in accordance with the requirements of English law. Accordingly, the Offer will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, the offer timetable, settlement procedures and timing of payments that are different from those applicable under U.S. domestic tender offer law and practice. Sky's financial information, including any included in the Offer documentation, will not have been prepared in accordance with U.S. GAAP, or derived therefrom, and may therefore differ from, and not be comparable with, financial information of U.S. companies.

天空電視台是一家在英格蘭註冊成立的上市公司。本次要約將根據經修訂的 1934 年美國證券交易法（「美國證券交易法」）中適用的美國要約收購規則，向美國 Sky 股東發出。《美國證券交易法》及其第 14E 條規定，以及其他符合英國法律要求的規定。因此，該要約將受到披露和其他程序要求的約束，包括撤回權、要約時間表、結算程序和付款時間，這些要求與美國國內要約收購法律和實踐中適用的要求不同。Sky 的財務信息，包括要約文件中包含的任何信息，均未按照美國通用會計準則編制，也未從中得出，因此可能與美國公司的財務信息有所不同，並且不具有可比性。

Comcast and its affiliates or brokers (acting as agents for Comcast or its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase outside the United States, shares in Sky or any securities that are convertible into, exchangeable for or exercisable for such shares before or during the period in which the Offer remains open for acceptance, to the extent permitted by, and in compliance with, exemptive relief granted by the U.S. Securities and Exchange Commission from Rule 14e-5 under the U.S. Exchange Act and in compliance with the UK City Code on Takeovers and Mergers. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Information about any such purchases or arrangements to purchase that is made public in accordance with English law and practice will be available to all investors (including in the United States) via the Regulatory News Service on www.londonstockexchange.com.

Comcast及其關聯公司或經紀人（視情況而定，作為Comcast或其關聯公司的代理人）可能不時地，除根據要約外，直接或間接地在美國境外購買或安排購買Sky的股份或任何可轉換為、可交換或可行使為該等股份的證券，無論是在要約仍然有效期間之前還是期間，只要與美國證券交易委員會根據《美國證券守法》授予第146個規定的規則，則符合第148566666666666662040年銀行規定。這些購買既可以在公開市場上以現行價格進行，也可以在私人交易中以協商價格進行。根據英國法律和慣例公開的任何此類購買或購買安排的信息，將透過 www.londonstockexchange.com 上的監管新聞服務向所有投資者（包括美國的投資者）提供。

The Offer, if consummated, may have consequences under U.S. federal income tax and applicable U.S. state and local, as well as non-U. S., tax laws for Sky shareholders and Sky ADR holders. Each Sky shareholder (including the U.S. shareholders, and Sky ADR holders) is urged to consult his or her independent professional adviser regarding the tax consequences of the Offer.

如果該要約得以實現，可能會對美國聯邦所得稅、適用的美國州和地方稅以及非美國稅產生影響。S.，適用於 Sky 股東和 Sky ADR 持有人的稅法。敦促每位 Sky 股東（包括美國股東和 Sky ADR 持有人）就本次要約的稅務後果諮詢其獨立的專業顧問。