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.

女士們，先生們，早上好，歡迎參加康卡斯特 2018 年第一季度財報電話會議。

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

（操作員說明）請注意，此電話會議正在錄音中。

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

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

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯特朗先生。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke, and Dave Watson.

加入我今天上午的電話會議的還有 Brian Roberts、Mike Cavanagh、Steve Burke 和 Dave Watson。

Brian and Mike will make formal remarks, and Steve and Dave will also be available for Q&A.

Brian 和 Mike 將發表正式講話，Steve 和 Dave 也將參加問答環節。

As always, let me now 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.

與往常一樣，現在讓我更希望您看到第 2 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 and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

請參閱我們的 8-K 和趨勢時間表，了解非 GAAP 財務指標與 GAAP 的對賬情況。

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

有了這個，讓我把電話轉給 Brian Roberts 徵求他的意見。

Brian?

布賴恩？

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早上好。

We 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.

我們在 2018 年開局不錯，第一季度收入增長超過 10%，EBITDA、每股收益和自由現金流都很健康。

I'm really proud of these results, which reflect strength across all parts of Comcast NBCUniversal.

我為這些結果感到非常自豪，這反映了康卡斯特 NBCUniversal 各個部門的實力。

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.

我們有這樣一家特殊的公司，擁有一系列規模化的業務，每項業務都在高水平上執行，以及由我們的利潤增長部門領導的持續增長的巨大機會。

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.

我們有一個運作良好的商業模式，我們看到越來越多的同行試圖轉向類似的整合分銷和內容的戰略。

We think our team has done a great job of this, particularly with NBCUniversal, as you can see in today's results.

我們認為我們的團隊在這方面做得很好，尤其是與 NBCUniversal，正如您在今天的結果中所看到的那樣。

This successful execution led us to make an announcement earlier this year that further strengthens this strategy with our proposal for Sky.

這一成功的執行使我們在今年早些時候發布了一項公告，通過我們對 Sky 的提議進一步加強了這一戰略。

This morning, we are excited to take the next logical step, with a formal binding cash offer for Sky.

今天早上，我們很高興採取下一個合乎邏輯的步驟，為 Sky 提供具有約束力的正式現金報價。

The terms are consistent with what we already outlined in our 2.4 announcement.

這些條款與我們在 2.4 公告中已經概述的內容一致。

And Mike will provide some additional color on this later.

Mike 稍後會為此提供一些額外的顏色。

So let me turn now to our strong first-quarter results.

現在讓我談談我們強勁的第一季度業績。

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.

從有線電視開始，我們的連接業務，包括住宅寬帶和商業服務，現在的年收入運行率總和接近 240 億美元，增長超過 9%，並且有很大的發展空間。

We are confident in our outlook for high-speed Internet subscribers.

我們對高速互聯網用戶的前景充滿信心。

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.

隨著整個市場的持續增長，我們的家庭和業務穩步增長，我們通過速度、覆蓋和控制元素對產品創新和差異化的關注使我們能夠繼續增長並佔據份額。

In business services, we are making nice strides in our newest segment serving enterprise customers.

在商業服務方面，我們在為企業客戶服務的最新細分市場中取得了長足的進步。

And also continuing to gain in the small and midsize business space with superior products and an attractive value proposition.

並且還通過卓越的產品和有吸引力的價值主張繼續在中小型企業領域獲得收益。

We have built an incredible organization within our Company, with over 10,000 employees dedicated to our business services efforts.

我們在公司內部建立了一個令人難以置信的組織，擁有 10,000 多名員工致力於我們的業務服務工作。

And more than 3,000 of them are sales professionals, helping us add new business customers every day.

其中 3,000 多名是銷售專業人員，每天幫助我們增加新的商業客戶。

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%.

第一季度，我們新增寬帶用戶近 38 萬戶，住宅高速互聯網收入增長 8%，商業服務收入增長 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.

在這些業務和我們持續的客戶體驗努力的推動下，我們有望在 2018 年全年提高有線電視利潤率。

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.

雖然投資網絡以加強我們在連接業務中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下降。

Altogether, this puts us on a path for healthy cable EBITDA and net cash flow growth, as our first-quarter results demonstrate.

總而言之，正如我們的第一季度業績所顯示的那樣，這使我們走上了健康的有線電視 EBITDA 和淨現金流增長的道路。

We continue to increase customer relationships, with 273,000 net new additions, balanced with healthy EBITDA growth of nearly 5% and margin expansion.

我們繼續增加客戶關係，淨新增 273,000 個，與近 5% 的健康 EBITDA 增長和利潤率擴張相平衡。

Cable net cash flow, which is EBITDA less total capital spending, grew nearly 13%, which is the fastest rate of growth in 6 years.

有線電視淨現金流（即 EBITDA 減去總資本支出）增長了近 13%，這是 6 年來最快的增長速度。

As you can see, our cable business overall remains well positioned for the future.

如您所見，我們的有線電視業務總體上仍處於良好的未來地位。

The team is also capably reacting to and managing the ongoing changes in the video competitive landscape.

該團隊還能夠應對和管理視頻競爭格局的持續變化。

This includes the increasing presence of virtual MVPDs, which contributed to our net loss of 96,000 video customers in the first quarter.

這包括虛擬 MVPD 的增加，這導致我們在第一季度淨損失 96,000 名視頻客戶。

We remain focused on finding innovative and profitable ways to deliver the best video and most complete experience to our customers.

我們仍然專注於尋找創新和有利可圖的方式，為我們的客戶提供最好的視頻和最完整的體驗。

We have pivoted X1 to be a whole home platform that aggregates the best content, not just linear TV.

我們已將 X1 轉變為一個整合最佳內容的完整家庭平台，而不僅僅是線性電視。

We recently added Sling TV's international programming, joining YouTube, Netflix, Pandora, to name just a few of the partners we have already integrated.

我們最近添加了 Sling TV 的國際節目，加入了 YouTube、Netflix、Pandora 等我們已經整合的合作夥伴中。

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.

X1 還用作 WiFi 連接和家庭自動化的儀表板，最近推出的 xFi 通知和新的語音遠程命令有助於管理我們客戶的智能家居設備。

The value that this seamless integration of services brings to our customers is quite apparent.

這種服務的無縫集成給我們的客戶帶來的價值是顯而易見的。

X1 has quickly become the most used platform for Netflix viewing among our customers.

X1 已迅速成為我們客戶最常用的 Netflix 觀看平台。

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.

我們很高興能夠加深與 Netflix 的關係，我們最近宣布康卡斯特將開始將 Netflix 與電視節目打包在一起，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.

自從我們推出 Xfinity Mobile 進入無線市場以來已經過去了大約一年，我們對迄今為止的結果感到滿意。

Our offers are clearly resonating, adding value to our customers by bundling wireless together with access to our high-speed Internet at attractive prices.

我們的報價顯然引起了共鳴，通過以極具吸引力的價格將無線與高速互聯網接入捆綁在一起，為我們的客戶增加了價值。

We ended the first quarter with 577,000 customer lines and continue to enhance this offering with features like bring-your-own-device.

我們在第一季度結束時擁有 577,000 個客戶線，並通過自帶設備等功能繼續增強此產品。

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建立新的運營平台合作夥伴關係，這是我們持續合作的結果，旨在通過發展各自的移動業務時通過運營和成本效率更快地擴大規模，使兩家公司能夠在全國范圍內更好地競爭無線市場。

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.

最後，我們的結果繼續受益於我們不斷努力使與我們的互動更簡單、更一致，包括通過更多的全數字工具。

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.

在第一季度，我們將座席處理的電話減少了 13%，並且僅通過數字方式與我們互動的客戶比例同比增加了約 15%。

I'm proud of the consistent progress we are making with these metrics and our room for further improvement bodes well for the future.

我為我們在這些指標方面取得的持續進步感到自豪，我們進一步改進的空間預示著未來的好兆頭。

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.

轉向 NBCUniversal，我們有能力在不斷發展的媒體環境中取得成功，我們的高質量體育、新聞和娛樂內容推動了我們電視業務的強勁業績，我們專注於電影娛樂領域的領先特許經營權，以及我們在高利潤的主題公園業務。

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.

這一策略在第一季度再次取得了可喜的成果，EBITDA 增長了兩位數，這突出體現在我們的電視業務和主題公園的異常增長。

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.

廣播和有線電視網絡共同實現了 23% 的 EBITDA 增長，突顯了我們大型活動戰略的力量以及持續的分銷和轉播實力。

The Olympics generated over $1.1 billion of revenue at our TV businesses and were a tremendous success.

奧運會為我們的電視業務創造了超過 11 億美元的收入，取得了巨大的成功。

The Games averaged nearly 20 million viewers in prime time over all 18 nights across broadcast, cable, and digital.

奧運會在黃金時段的 18 個晚上通過廣播、有線電視和數字媒體平均吸引了近 2000 萬觀眾。

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.

NBC 的黃金時段收視率比 ABC、CBS 和 Fox 的總和高出 80% 以上，這是冬季奧運會有記錄以來的最大差距。

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.

我為整個公司所做的努力感到非常自豪，從 NBC 精彩且非常個性化和人性化的報導到 X1 上令人驚嘆的奧運會儀表板，這使得訪問使其成為如此特殊事件的所有時刻變得比以往任何時候都更容易。

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.

我們有線電視覆蓋範圍內的結果突出了整個組織合作的好處，因為 NBC 和 NBC SportsNet 黃金時段覆蓋的 X1 家庭的收視率比全國平均水平高 26%。

We think of the Olympics as a technology laboratory for the future of television.

我們將奧運會視為未來電視的技術實驗室。

NBC also aired the Super Bowl in the first quarter, which generated over $400 million in advertising.

NBC 還在第一季度播出了超級碗比賽，廣告收入超過 4 億美元。

Notably, the broadcast of This is Us after the game was the highest-rated scripted series following a Super Bowl in over a decade.

值得注意的是，賽后播出的《這就是我們》是十多年來超級碗之後收視率最高的劇本系列。

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.

在這些令人難以置信的大型活動的背後，NBC 有望連續第五年在演示中排名第一，並且 16 年來首次在觀眾總數中排名第一。

We also have the fastest-growing cable network with MSNBC and a number one cable entertainment network with USA.

我們還擁有增長最快的有線網絡與 MSNBC 和美國排名第一的有線娛樂網絡。

At theme parks, another quarter of double-digit EBITDA growth reflects continued strength from Volcano Bay in Orlando and Minion Park in Japan.

在主題公園，另外四分之一的兩位數 EBITDA 增長反映了奧蘭多火山灣和日本小黃人公園的持續增長。

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.

今年春天，我們的公園還將推出更多激動人心的景點，這些景點利用了我們自己的知識產權，包括奧蘭多的速度與激情之旅、好萊塢的功夫熊貓，以及日本的好萊塢主題夜間遊行慶祝活動電影包括小黃人和侏羅紀世界。

Speaking of filmed entertainment, as we expected and communicated, we face a tough comparison to last year's record results.

說到影視娛樂，正如我們預期和交流的那樣，我們面臨著與去年創紀錄的結果的艱難對比。

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.

我們繼續專注於我們的特許經營戰略，並對第一季度的表現感到滿意，其中包括《五十度灰》，這使該系列的收入超過了 10 億美元。

And we are looking forward to Jurassic World: Fallen Kingdom coming to theaters in June.

我們期待侏羅紀世界：墮落王國將於 6 月上映。

So I'm incredibly proud of the team's performance this quarter and excited about the opportunities ahead for our Company.

因此，我為團隊本季度的表現感到無比自豪，並對我們公司未來的機遇感到興奮。

I believe today's announcement for Sky will further strengthen our successful strategy and momentum.

我相信今天宣布的 Sky 將進一步加強我們成功的戰略和動力。

We love our position owning content and distribution businesses that individually have a great outlook and together make each other stronger.

我們喜歡我們擁有內容和發行業務的職位，這些業務各自具有良好的前景並共同使彼此變得更強大。

We think Sky is an outstanding company that follows this same formula, with a similar business model in new and attractive geographies.

我們認為 Sky 是一家出色的公司，它遵循同樣的公式，在新的和有吸引力的地區擁有類似的商業模式。

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.

我們相信，Sky 與 Comcast NBCUniversal 的合併將創造一個更強大、更國際化的業務，並增強投資內容和創新的能力。

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.

就像 Comcast NBCUniversal 在美國一樣，創新是 Sky 文化的核心，它擁有一系列吸引人的內容。

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.

隨著我們努力提供真正差異化的客戶體驗，5200 萬客戶的更大合併基礎將有助於支持合併後的 Comcast Sky 對原創和收購的節目和技術能力進行更多投資的能力。

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.

當機會來自獨特的時機和公司特定的情況時，我們希望在通過財務和進攻性戰略影響的角度看待任何潛在交易的同時利用這一優勢。

Financially, we evaluate opportunities against alternative uses of capital, including buying back our stock as well as accretion to free cash flow per share.

在財務方面，我們針對資本的其他用途評估機會，包括回購我們的股票以及增加每股自由現金流。

And ultimately, the ability to exceed the cost of capital in a reasonable timeframe.

最終，在合理的時間範圍內超過資本成本的能力。

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.

從戰略上講，我們專注於我們可以通過規模與互補業務來提升我們的地位，這些業務為我們提供新的能力、新的市場和其他增長機會。

We think Sky is a great fit when judged against these criteria.

當根據這些標准進行判斷時，我們認為 Sky 非常適合。

So in closing, we like our outlook at cable, and NBCUniversal continues to grow at a faster pace than any of us originally imagined.

所以最後，我們喜歡有線電視的前景，NBCUniversal 繼續以比我們任何人最初想像的更快的速度增長。

The whole team is off to a great start this year.

整個團隊今年開局不錯。

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

有了這個，現在讓我把它交給邁克了解更多細節。

Thanks, Brian, and good morning, everybody.

謝謝，布賴恩，大家早上好。

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.

讓我首先提供 Sky 公告的詳細信息，這是一項具有約束力的現金要約，根據英國收購守則被稱為規則 2.7 實盤。

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.

關鍵條款與我們在 2 月份的最初提議一致：每股 12.50 英鎊的全現金要約和 50% 加 1 股的接受條件。

Our various intention statements related to investment in the UK are all consistent with the Rule 2.4 announcement.

我們在英國的各種投資意向聲明均符合規則 2.4 的公告。

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.

我們對天空新聞的承諾得到了加強，承諾建立一個獨立的天空新聞編輯委員會，維持投資，不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.

在流程方面，在不久的將來，我們將申請 EC 反壟斷批准，這將啟動為期 25 天的第一階段審查。

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.

我們仍然希望及時完成所有監管審查，以便 Sky 股東能夠審查我們的報價，而不會附加任何監管問題。

In terms of the financial and strategic merits of the transaction, let me add to what we have said before.

就交易的財務和戰略價值而言，讓我補充一下我們之前所說的內容。

We believe this is a financially attractive transaction.

我們認為這是一項具有財務吸引力的交易。

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.

今天 2.7 公告中的新信息是通過合併後的公司的收入收益和經常性成本節約相結合，實現約 5 億美元的協同效應估計。

These are expected to be achieved through optimizing Comcast and Sky's complementary operations with only limited impact on headcount expected.

預計這些將通過優化 Comcast 和 Sky 的互補業務來實現，預計對員工人數的影響有限。

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.

我們相信，這些協同效應，加上我們花費更多時間研究的 Sky 獨立業務的實力，使得這項基於各種衡量標準的交易成為一項引人注目的交易。

To reiterate what Brian mentioned, we evaluate all opportunities against alternative uses of capital.

為了重申布賴恩所提到的，我們評估所有機會與資本的替代用途。

This includes buying back our stock, investments we make in our business, as well as other inorganic opportunities.

這包括回購我們的股票、我們對業務的投資以及其他無機機會。

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.

評估的核心是針對一系列標准進行優化，包括增加每股自由現金流以及在合理的時間範圍內賺取和超過資本成本的能力。

All balanced with potential strategic merits of the transaction.

所有這些都與交易的潛在戰略優勢相平衡。

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.

從本質上講，財務穩健並讓我們處於更強大戰略地位的交易正是我們參與的機會類型，也是我們擁有悠久價值創造歷史的地方。

In this context, we believe Sky is a great fit.

在這種情況下，我們認為 Sky 非常適合。

So now let's discuss our first-quarter results.

所以現在讓我們討論一下我們的第一季度業績。

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.

首先，我想提醒大家，正如我們之前在年終收益電話會議上宣布的那樣，我們採用了與收入確認相關的新會計準則，自 2018 年 1 月 1 日起生效。

Today's results are reported on that standard.

今天的結果是根據該標準報告的。

Beginning on slide 5, let's review our first-quarter consolidated results.

從幻燈片 5 開始，讓我們回顧一下我們第一季度的綜合業績。

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.

收入增長 10.7% 至 228 億美元，其中包括平昌冬奧會和 NFL 超級碗的轉播結果。

Adjusted EBITDA increased 3.3% to $7.2 billion.

調整後 EBITDA 增長 3.3% 至 72 億美元。

Results for the quarter reflect healthy EBITDA growth of 4.7% and 13.1% 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 4.7% 和 13.1%。

The corporate and other results include an EBITDA loss of $189 million associated with our newly launched wireless business.

公司和其他結果包括與我們新推出的無線業務相關的 1.89 億美元的 EBITDA 損失。

Adjusted earnings per share increased 17% to $0.62 for the quarter.

本季度調整後每股收益增長 17% 至 0.62 美元。

And finally, free cash flow was $3.1 billion in the quarter.

最後，本季度的自由現金流為 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.

現在讓我們詳細了解有線通信業務的季度業績，從幻燈片 6 開始。收入增長 3.6% 至 135 億美元，反映了客戶關係淨增長 273,000 至 2960 萬和費率調整。

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%.

這些業績是由我們的高利潤連接業務推動的，包括高速互聯網和商業服務，這些業務在本季度的總收入接近 60 億美元，增長超過 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.

仔細觀察我們的住宅業務，高速互聯網仍然是整體有線電視增長的最大貢獻者，本季度收入增長 8.2% 至 42 億美元。

These results were driven by a net increase in our customer base and rate adjustments.

這些結果是由我們的客戶群和費率調整的淨增長推動的。

We added 351,000 net new residential high-speed Internet customers.

新增住宅高速互聯網用戶 35.1 萬戶。

And as Brian said earlier, we continue to be confident in our outlook for high-speed Internet subscriber growth for several reasons.

正如布賴恩早些時候所說，出於幾個原因，我們對高速互聯網用戶增長的前景仍然充滿信心。

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

首先，隨著越來越多的美國人採用高速數據，寬帶市場正在擴大。

Currently only about 80% of American households subscribe to Internet access and we believe this number will continue to expand.

目前只有大約 80% 的美國家庭訂閱了互聯網接入，我們相信這個數字將繼續擴大。

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.

其次，我們有機會通過建立新的家園和在我們的足跡範圍內擴展我們的工廠來增加我們的家園穩定地通過我們的足跡。

This has been growing at a rate of about 1.5%.

這一直以大約 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.

最後，在對創新和產品差異化的持續投資的支持下，我們正在推動市場份額的增長。

As Brian said, we are focused on continuously improving speed, coverage, and control in our best-in-class broadband product.

正如布賴恩所說，我們專注於不斷提高我們一流寬帶產品的速度、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.

在速度方面，我們 75% 的住宅客戶接收到的速度為每秒 100 兆比特或更高。

We continue to make good progress rolling out DOCSIS 3.1, with 90% of our footprint now offering gigabit speeds.

我們繼續在推出 DOCSIS 3.1 方面取得良好進展，我們 90% 的足跡現在提供千兆位速度。

At the same time, we are putting our advanced gateways in the home, translating these speeds into the best WiFi.

同時，我們正在將我們的高級網關放在家裡，將這些速度轉化為最好的 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.

隨著 WiFi 為家庭中越來越多的連接設備供電，我們的 xFi 應用程序使客戶能夠更好地管理他們的家庭網絡，進一步改善他們的體驗。

All this differentiates and increases the value of our broadband service and helps us capture additional market share.

所有這些都使我們的寬帶服務與眾不同並增加了價值，並幫助我們獲得了額外的市場份額。

Switching to video, revenue declined 0.8% to $5.7 billion in the quarter.

轉向視頻，本季度收入下降 0.8% 至 57 億美元。

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.

本季度業績與去年相比的差異主要是由於客戶減少以及我們選擇採取較低的利率增長。

We had 93,000 residential video customer net losses in the quarter.

本季度我們有 93,000 名住宅視頻客戶淨虧損。

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.

視頻市場競爭激烈，我們的業務繼續以一種使我們能夠競爭的方式進行調整，同時保持強勁的有線電視 EBITDA 和淨現金流增長。

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 是市場上最好的視頻產品，並且在視頻總消費量創歷史新高的市場中繼續專注於創新和我們圍繞內容的聚合策略。

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.

此外，我們正在細分市場，通過提供其他視頻產品（包括更薄包裝的產品）將正確的產品提供給正確的客戶，從而將我們的業務範圍擴展到我們仍然認為可以盈利的其他細分市場。

And we are doing this all in the context of managing the whole home relationship.

我們是在管理整個家庭關係的背景下做這一切的。

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.

雖然寬帶是我們大多數客戶關係的中心，但客戶仍然可以通過捆綁服務獲得最佳體驗和價值，包括寬帶、視頻、語音、家庭安全以及現在的移動產品的某種組合。

And despite the shifting contributions, we are growing EBITDA and EBITDA per relationship.

儘管貢獻不斷變化，我們的 EBITDA 和 EBITDA 都在增長。

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.

談到 Xfinity Mobile，正如 Brian 所提到的，我們對我們在這項業務中看到的早期結果感到滿意，本季度結束時有 577,000 條客戶線，本季度增加了 196,000 條線。

We are seeing real momentum as the product is resonating with our customer base.

隨著產品與我們的客戶群產生共鳴，我們看到了真正的動力。

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.

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戰略，並為我們的寬帶客戶提供更多價值。

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.

在財務方面，我們第一季度在 Xfinity Mobile 的 1.89 億美元 EBITDA 虧損反映了我們在用戶獲取方面的增長以及與推出這項新業務相關的增量運營成本。

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.

轉向商業服務，這仍然是我們整體有線電視業績的主要推動力，我們實現了又一個強勁的兩位數增長，本季度收入增長 11.9% 至 17 億美元，主要受客戶增長的推動。

We added 29,000 business customer relationships in the quarter and grew revenue per business customer relationship by 5%.

我們在本季度增加了 29,000 個業務客戶關係，每個業務客戶關係的收入增長了 5%。

These results are driven by connectivity, as the rollout of DOCSIS 3.1 has enabled us to offer gigabit speeds to small businesses.

這些結果是由連接驅動的，因為 DOCSIS 3.1 的推出使我們能夠為小型企業提供千兆速度。

And our investment to push fiber deeper in our network helps us continue to increase the number of midsize customers.

我們在網絡中更深地推進光纖的投資有助於我們繼續增加中型客戶的數量。

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，並具有巨大的未來增長空間。

Now let's turn to slide 7 to discuss our cable expenses and margin.

現在讓我們轉到幻燈片 7 來討論我們的有線電視費用和利潤。

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.

第一季度有線通信 EBITDA 增長 4.7% 至 54 億美元，利潤率為 40.1%，與 2017 年第一季度相比上升 50 個基點。

We continue to believe our full-year margins could be as much as 50 basis points higher compared to last year.

我們仍然相信我們的全年利潤率可能比去年高出 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.

在過去 12 個月中，我們總共增加了 745,000 個客戶關係，這意味著我們的客戶群同比增長 2.6%。

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%.

如果我們以每個客戶關係為基礎查看我們的有線電視財務業績，我們將每個客戶關係的總收入增加了 0.9%，每個客戶關係的 EBITDA 增加了 2%。

These results were driven by growth in our high-margin connectivity businesses and our focus on cost control.

這些結果是由我們的高利潤連接業務的增長和我們對成本控制的關注推動的。

Programming expense growth moderated to 3% this quarter.

本季度編程費用增長放緩至 3%。

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.

在經歷了過去兩年的兩位數增長之後，受幾次合同續籤時間的推動，本季度的增長主要是由我們的節目合同中的正常自動扶梯推動的，部分被視頻用戶的流失所抵消。

Non-programming expenses increased 2.8% this quarter.

本季度非編程費用增長 2.8%。

We continue to benefit from the investments we've made in customer experience initiatives as well as disciplined cost management overall.

我們繼續受益於我們在客戶體驗計劃以及整體成本管理方面所做的投資。

Notably, customer service expense continues to improve, declining 2% this quarter even as we grew total customer relationships by 273,000.

值得注意的是，客戶服務費用繼續改善，本季度下降了 2%，儘管我們的客戶關係總數增加了 273,000 人。

Now let's move on to NBCUniversal's results.

現在讓我們繼續討論 NBCUniversal 的結果。

On slide 8, NBCUniversal's revenues increased 21.3% and EBITDA increased 13.1% to $2.3 billion in the quarter.

在幻燈片 8 中，NBCUniversal 的收入在本季度增長了 21.3%，EBITDA 增長了 13.1%，達到 23 億美元。

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.

這些非凡的業績部分得益於 2018 年冬季奧運會和 NFL 超級碗的成功轉播，為我們的電視業務帶來了 16 億美元的增量收入，其中超過 12 億美元與廣告收入相關。

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.

除了這些重大事件之外，NBCUniversal 的業績還反映了我們電視業務的轉播和附屬費用的健康增長以及我們主題公園的強勁業績。

Cable networks revenue increased 21% to $3.2 billion and EBITDA increased 13.7% to $1.3 billion.

有線電視網絡收入增長 21% 至 32 億美元，EBITDA 增長 13.7% 至 13 億美元。

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.

剔除與冬奧會相關的 3.78 億美元收入，收入增長 6.6%，反映出發行、廣告和內容許可以及其他收入的穩健增長。

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.

本季度分銷收入增長 5.7%，反映了之前續訂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。

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.

廣告收入增長 2.4%，反映了 MSNBC 令人印象深刻的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。

Lastly, content licensing and other revenue increased 26% due to new licensing deals and the timing of content provided under current agreements.

最後，由於新的許可交易和根據當前協議提供的內容的時間安排，內容許可和其他收入增長了 26%。

Broadcast television revenue increased 58.3% to $3.5 billion and EBITDA increased 57.5% to $507 million.

廣播電視收入增長 58.3% 至 35 億美元，EBITDA 增長 57.5% 至 5.07 億美元。

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.

扣除與冬奧會相關的 7.7 億美元收入和 NFL 超級碗轉播產生的 4.23 億美元收入，收入增長 4.3%，主要反映轉播收入增加。

Retrans revenue increased about 18% to nearly $415 million.

Retrans 收入增長約 18%，達到近 4.15 億美元。

In addition, advertising revenue, excluding the Olympics and Super Bowl, was stable, as a strong scatter market offset ratings declines.

此外，不包括奧運會和超級碗的廣告收入保持穩定，因為強勁的分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.

電影收入下降 16.3%，EBITDA 下降 45.2% 至 2.03 億美元，主要是由於影院收入下降。

Coming off the most profitable year in its history, film results were down due to the size and timing of the slate.

在經歷了歷史上最賺錢的一年之後，由於片單的規模和時間安排，電影的結果有所下降。

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.

雖然《五十度灰》的第三部在本季度取得了強勁的成績，但與去年第一季度的大量電影相比，這是一個艱難的對比。

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.

正如布賴恩所說，我們仍然專注於我們的特許經營戰略，我們很高興看到我們最大的特許經營之一回歸侏羅紀世界：墮落王國在第二季度開幕。

Finally, theme parks revenue increased 14.5% and EBITDA increased 24.6% to $495 million.

最後，主題公園收入增長 14.5%，EBITDA 增長 24.6% 至 4.95 億美元。

These strong results are partly driven by the timing of spring break, which was concentrated in the second quarter of last year.

這些強勁的業績部分是由春假的時間推動的，春假集中在去年第二季度。

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.

即使我們排除這一好處，在人均支出增加的推動下，EBITDA 仍將強勁增長，與去年相比增長兩位數。

In the second quarter, we expect to benefit from several new attractions opening that Brian highlighted earlier.

在第二季度，我們預計將受益於布賴恩早些時候強調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.

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 decreased 5% to $2 billion in the first quarter.

第一季度合併資本支出下降 5% 至 20 億美元。

At cable communications, capital expenditures decreased 5.2% to $1.7 billion for the quarter, resulting in capital intensity of 12.5%.

在有線通信領域，本季度資本支出下降 5.2% 至 17 億美元，資本密集度為 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.

對於全年，我們繼續預計資本密集度相對於 2017 年將有利 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.

本季度，支出減少的原因是客戶端設備支出下降，主要與 X1 相關，該設備現已部署到我們 60% 以上的住宅視頻客戶。

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.

部分抵消了這種較低的支出，增加了對可擴展基礎設施的投資以增加網絡容量，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。

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.

我們預計我們的資本支出構成將繼續從以視頻為中心的客戶端設備轉向連接驅動的寬帶基礎設施支出。

At NBCUniversal, first-quarter capital expenditures decreased 5.6% to $269 million.

在 NBCUniversal，第一季度資本支出下降 5.6% 至 2.69 億美元。

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.

然而，這主要與時間相關，我們預計 NBCUniversal 全年的資本支出將增加，大部分投資將用於我們的主題公園。

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

現在結束幻燈片 10，讓我們討論資本回報。

As I mentioned earlier, we generated $3.1 billion in free cash flow in the quarter.

正如我之前提到的，我們在本季度產生了 31 億美元的自由現金流。

We returned $2.2 billion of that to shareholders, about a 60% increase over last year.

我們向股東返還了其中的 22 億美元，比去年增加了約 60%。

This includes $738 million in dividends and share repurchases of $1.5 billion in the first quarter.

這包括第一季度 7.38 億美元的股息和 15 億美元的股票回購。

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.

這相當於 60 億美元的年化增長率，遠高於 2018 年 50 億美元的最低目標，我們在 Sky 發佈公告時重申了這一目標。

In addition, we remained at net leverage of 2.2 times EBITDA.

此外，我們的淨槓桿率仍為 EBITDA 的 2.2 倍。

Regarding potential acquisitions, it is our job to continuously evaluate whether there are opportunities for us to create value.

對於潛在的收購，我們的工作是不斷評估是否有機會為我們創造價值。

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.

但是，當我們的股票處於這些水平時，我們是否應該追求任何東西，而情況總是會發生變化，我認為我們不太可能將康卡斯特的股票用作交易的交換媒介。

Our strong balance sheet allows us to consider strategically important opportunities at times like this.

我們強大的資產負債表使我們能夠在這樣的時候考慮具有戰略意義的重要機會。

Thanks for joining us this morning.

感謝您今天早上加入我們。

I will just conclude by saying we feel great about the fundamentals and underlying strength of our businesses.

最後，我只想說，我們對我們業務的基本面和潛在實力感到非常滿意。

Our first quarter results support that and set us up well for a strong 2018.

我們的第一季度業績支持了這一點，並為我們在 2018 年的強勁表現做好了準備。

With that, I will hand it back to Jason.

有了這個，我會把它還給傑森。

Okay, thanks, Mike.

好的，謝謝，邁克。

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

里賈納，讓我們打開問答電話吧。

(Operator Instructions) John Hodulik, UBS.

（操作員說明）John Hodulik，瑞銀。

Thanks.

謝謝。

Maybe to focus on the strategic topic.

也許專注於戰略主題。

Brian, as you said, you are seeing increasing competition in the video market here in the US.

Brian，正如您所說，您看到美國視頻市場的競爭越來越激烈。

And with the Sky transaction, you will be purchasing an asset that is primarily a satellite TV distribution company.

通過 Sky 交易，您將購買主要是一家衛星電視發行公司的資產。

Is there reason to believe that the video market in Europe will not evolve similarly to what we've seen here in the US?

是否有理由相信歐洲的視頻市場不會像我們在美國看到的那樣發展？

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.

然後第二個，作為後續行動，如果你能給我們任何關於 5 億美元協同效應的顏色，或者任何更多細節都會很棒。

Thanks.

謝謝。

Thank you, John.

謝謝你，約翰。

Look, they are very different markets.

看，它們是非常不同的市場。

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.

顯然，視頻和電視有很多相似之處，但你確實要做的工作，看競爭形勢，動態，未來的競爭潛力。

And I think the markets are just coming from different vantage points.

而且我認為市場只是來自不同的有利位置。

Also, Sky has a terrific programming business, content creation business, over-the-top business.

此外，Sky 的節目製作業務、內容創作業務、over-the-top 業務也非常出色。

And so we looked at it and continue to look at it, look at their quarterly results, which they posted last week.

因此，我們查看並繼續查看它，查看他們上週發布的季度業績。

And they also are in the broadband business in the UK and they made announcements that they intend to do so in Italy.

他們還在英國從事寬帶業務，並宣布打算在意大利這樣做。

So we are impressed with just the continuing momentum at the business.

因此，我們對業務的持續發展勢頭印象深刻。

The ability to have a content and distribution company that looks very similar to Comcast NBCUniversal.

擁有一家與 Comcast NBCUniversal 非常相似的內容和發行公司的能力。

Mike?

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.

關於協同效應，約翰，我想說，5 億美元是相同的類別，我們標記了我們希望在 2.4 時看到的類別。

But it's about $300 million of expense side, $200 million of revenue synergies.

但這大約是 3 億美元的支出方面，2 億美元的收入協同效應。

On the expense side, just think about the amount of third-party spending that two businesses at our scale does.

在費用方面，想想我們規模的兩家企業的第三方支出金額。

And then the ability to get some efficiencies across the two companies in some of the more administrative and production side of things.

然後能夠在一些更行政和生產方面提高兩家公司的效率。

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.

正如我們之前所說，所有這 3 億美元只佔總支出基數的一小部分，我們相信這是可以得到的。

And then on the revenue side, it's again $200 million.

然後在收入方面，又是 2 億美元。

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.

當您再次想到在美國以及在某種程度上增加其他地方的 NBC 內容的盈利能力時，再加上我們在共同製作新原創作品方面的實力，這就是讓您這些加起來大約 5 億美元。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

I will stay with the strategic theme as well.

我也會堅持戰略主題。

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.

所以我想我和大多數人的讀物是，你對 Sky 和 Fox 的興趣表明，下一代媒體所需的規模可能要大得多。

First, is that right?

首先，是這樣嗎？

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?

該業務的製作方是否需要更大的規模，並且可能不僅僅是 Sky，而是工作室的真正補充？

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?

然後，如果這是一個全球概念，我想知道您是否可以重新審視您對美國如何通過您現有足蹟之外的一種直接面向消費者的平台融入其中的想法？

Okay.

好的。

Well, thank you, Craig.

好吧，謝謝你，克雷格。

Let me start by saying, because there has been some commentary around this question of strategic intent, is that love our core businesses.

讓我首先說，因為圍繞這個戰略意圖問題有一些評論，那就是愛我們的核心業務。

And anybody who is viewing this as some divergent from that is not reading us properly in my judgment.

在我看來，任何認為這與此有所不同的人都沒有正確地閱讀我們。

We didn't choose to put Sky in play or any other asset in play.

我們沒有選擇讓天空或任何其他資產發揮作用。

That event happened around us.

那件事發生在我們身邊。

The question is: do we take a look at it and engage?

問題是：我們是否會看一看並參與其中？

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.

正如我們所做的工作，一般來說，在併購中，正如邁克剛剛闡明的那樣，我早些時候嘗試過，做這件事的原因是什麼，不做的原因是什麼。

And we look at all of that.

我們會關注所有這些。

And we think we are disciplined.

我們認為我們是有紀律的。

We think we have a great track record.

我們認為我們有很好的記錄。

Nobody is perfect.

沒有人是完美的。

But I go back to NBCUniversal and say we didn't have to do that.

但我回到 NBCUniversal 並說我們不必那樣做。

And at the time, there was what's the strategic rationale and other things.

當時，有什麼戰略理由和其他事情。

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.

最後，你想正確地購買它，你想正確地運營它，你想為你的公司製定一個比沒有它更好的戰略和增長軌跡。

That's how you build an organization over 50 years.

這就是你如何建立一個超過 50 年的組織。

So in the question of scale and looking at the future, again, I don't think we have to do this.

因此，在規模問題和展望未來的問題上，我認為我們不必這樣做。

I don't think international broadly is a strategy.

我不認為國際化是一種廣泛的戰略。

I think it is a unique asset in Sky's case that fits well within the mix of businesses we have already got.

我認為這是 Sky 的獨特資產，非常適合我們已經擁有的業務組合。

And is aligned with our existing strategy of integrating content distribution.

並且與我們現有的整合內容分發戰略相一致。

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.

一個好處是您將獲得新的地理位置和額外的規模，這使您可以選擇將來考慮的事情，而不是要求或必需品。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·萊夫·科恩，美銀美林。

Thanks.

謝謝。

I'd like to maybe switch gears to NBCU.

我想也許換檔到 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?

而且我不知道史蒂夫是否在打電話，但是當你接近前期時，只有一兩個問題，今年你如何銷售這些產品或買家如何看待市場會有什麼不同？

Or how the marketplace occurs, whether it's targeting or demos or digital versus linear?

或者市場是如何發生的，無論是定位、演示還是數字與線性？

And then secondly, could you comment on the health of the movie business?

其次，您能否評論一下電影業的健康狀況？

And any changes in distribution with the Fox-Disney deal combination pending.

福克斯-迪士尼交易組合的任何分配變化都在等待中。

Does that change premium video-on-demand or the potential premium video-on-demand?

這會改變優質視頻點播還是潛在的優質視頻點播？

Okay, so this is Steve.

好的，這是史蒂夫。

First on advertising, we are entering the upfront, which is two weeks from Monday, is our presentation.

首先在廣告方面，我們正在進入前期，即從星期一開始的兩週，是我們的演示文稿。

It's amazing how quickly it comes every year.

每年來得如此之快真是令人驚訝。

But we are entering the upfront in the strongest position we have since we arrived seven or eight years ago at NBCUniversal.

但我們正以自七八年前來到 NBCUniversal 以來最強大的位置進入前期。

We are over -- if you look at NBC, we are over 40% ahead of the number two network in ratings.

我們結束了——如果你看看 NBC，我們在收視率上領先第二大網絡 40% 以上。

We had a very, very high percentage of the big nights in television between the Olympics and the Super Bowl, the Golden Globes.

在奧運會和超級碗、金球獎之間，我們有非常非常高比例的電視節目。

We have a very, very strong schedule.

我們有一個非常非常強大的時間表。

And scatter for the last two or three quarters has been quite strong.

過去兩三個季度的分散性非常強。

The first quarter was the strongest quarter for scatter that we've had in a while.

第一季度是我們一段時間以來最強的分散季度。

It's too early to say what the second quarter will be.

現在說第二季度會是什麼還為時過早。

But I think we have the cards to enter the upfront in a stronger position than we have in many years.

但我認為我們有能力以比多年來更強大的地位進入前線。

In addition, there is a pendulum swing that happens between traditional linear broadcast and cable and digital.

此外，傳統的線性廣播與有線廣播和數字廣播之間存在鐘擺擺動。

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.

而且我認為出於各種原因，廣告商得出的結論是，鐘擺應該向我們有利的方向擺動。

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.

並不是說它肯定會，但在我們採訪過的人中，肯定有跡象表明，人們正在回到一個值得信賴的環境中，在這個環境中，廣告可以在上下文中，可以像人們從一開始就觀看電視廣告一樣觀看廣告直到最後。

And behaviors change and brands are built and businesses succeed.

行為改變，品牌建立，企業成功。

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，出於所有這些原因，我們的投資組合總體實力，特別是 NBC 的實力，以及市場的實力和鍾擺回歸電視，我真的很期待一個非常強勁的前期。

In terms of film, Universal has been around something like 105 years.

在電影方面，環球影業已經有 105 年的歷史了。

And we have set the record for operating cash flow consecutively in two of the last three years.

在過去三年中，我們連續兩年創造了經營現金流的記錄。

We had the highest year -- our best year ever last year.

我們經歷了最高的一年——去年是我們最好的一年。

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.

今年，因為我們正在與那一年競爭，你可以在第一季度的業績中看到它，我們在電影方面不會那麼強大。

But we are going to plenty strong, in my opinion.

但在我看來，我們會變得非常強大。

We are looking forward to Jurassic World on June 18.

我們期待 6 月 18 日的侏羅紀世界。

We have Mamma Mia coming back as a sequel.

我們讓《媽媽咪呀》作為續集回歸。

We have The Grinch at the end of this year.

我們將在今年年底推出 The Grinch。

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.

在 Jeff Shell 的帶領下，我們對電影業務的態度一直是建立在特許經營權的基礎上，我們現在比以往任何時候都擁有更多的特許經營權和動畫。

And the purchase of DreamWorks Animation is going to start bearing fruit starting next spring with our first new release under our control.

夢工廠動畫的收購將從明年春天開始取得成果，我們將在我們的控制下發布第一個新版本。

And of course, Illumination has never been stronger.

當然，照明從未如此強大。

So we feel very good about the film business.

所以我們對電影業務感覺很好。

I do believe that technology allows windowing to occur that will be beneficial to the film business.

我確實相信技術允許出現對電影業務有利的窗口。

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.

很難說這將在何時以及如何發生，但我們在電影行業做得很好，這對我們來說是有利的。

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.

並且為我們的團隊和他們的業務方法、紀律、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，這使環球比以往任何時候都更有利可圖。

Ben Swinburne, Morgan Stanley.

本·斯威本，摩根士丹利。

Thank you, good morning.

謝謝，早上好。

I have two questions.

我有兩個問題。

Mike, I think -- just want to go back to your comment before.

邁克，我想 - 只是想回到您之前的評論。

You talked about where your stock is today and that as a currency.

你談到了你的股票今天在哪里以及作為一種貨幣。

Just want to make sure we are hearing you right.

只是想確保我們聽到你的聲音是正確的。

Sounds like you are taking any equity finance deal off the table at the moment.

聽起來您目前正在取消任何股權融資交易。

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?

然後與此相關，您能否提醒我們您會在多大程度上利用槓桿，或者公司願意通過收購來提高槓桿率？

Just so we can put some parameters around there?

就這樣我們可以在那裡放一些參數嗎？

And then I have a follow-up for Dave.

然後我對 Dave 進行了跟進。

Sure.

當然。

I don't really have much to add to what I earlier said.

對於我之前所說的，我真的沒有太多要補充的。

Obviously any comment like that is subject to facts and circumstances at the moment.

顯然，任何類似的評論都取決於目前的事實和情況。

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.

但由於我一直在問我們是否會在人們心中猜想的各種不同可能的情況下，我只是想個人說明一點，我不認為我們在這些水平上使用股票，時期。

So that's the point I was making earlier, really in response to a question that I have been getting.

所以這就是我之前提出的觀點，實際上是為了回答我一直得到的問題。

In terms of does that necessarily mean we can't do anything, no.

就這是否意味著我們無能為力，不。

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.

因為對此的後續行動是我們資產負債表的實力，以及如果有道理的話，我們能夠利用我們在資產負債表上保持的實力的歷史。

Which just ties back into what Brian said earlier about how we look at opportunities.

這與布賴恩早些時候所說的我們如何看待機會有關。

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.

我們一直在努力考慮如果我們可以在現有業務之上增加價值的情況，我們將嘗試做到這一點視為我們的工作。

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.

除了我們喜歡我們擁有的槓桿和資產負債表的實力之外，我不會拋出任何關於我們將去哪里或不去哪裡的參數。

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.

如果我們在合理的時間內暫時增加我們的影響力以將其帶回它一直在運營的社區，那將是有意的。

That's great.

那太棒了。

And then, Dave, just on the broadband business.

然後，戴夫，就寬帶業務而言。

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?

隨著 AT&T 升級他們的網絡並部署更多光纖，您能否談談您的流量如何隨著時間的推移共享某種趨勢？

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?

當 Comcast 將 DSL 工廠甚至 U-verse 工廠升級為更多光纖時，您是否發現 Comcast 的業務發展能力有任何顯著差異？

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?

您是否在 Verizon 的 5G 部署方面做任何事情，只是為企業或您的客戶為今年晚些時候的部署做準備？

I realize the markets aren't all announced yet, but I'm just wondering how you are thinking about that.

我意識到市場還沒有全部公佈，但我只是想知道你是怎麼想的。

Well, Ben, first off, I think you go through competitive cycles.

嗯，本，首先，我認為你會經歷競爭週期。

And certainly we saw that earlier with AT&T moving more of their DSL footprint over.

當然，我們早些時候看到 AT&T 轉移了更多的 DSL 足跡。

Once these adjustments happen, you level off.

一旦這些調整髮生，你就會平穩。

We make some adjustments to how we go to market and then there is sort of the new normal that exists.

我們對進入市場的方式進行了一些調整，然後就會出現某種新常態。

What we are seeing is we have great momentum.

我們看到的是我們有很大的勢頭。

We really like the trajectory of our broadband business.

我們真的很喜歡我們寬帶業務的發展軌跡。

So we had a good result, as you all saw with the 379,000 new high-speed customers.

所以我們取得了很好的結果，正如你們看到的 379,000 名新的高速客戶。

And we think there is more room here.

我們認為這裡還有更多空間。

There's more room in share; there's more room in terms of how we approach the marketplace.

共享空間更大；在我們如何接近市場方面還有更多空間。

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.

因此，當您查看時-您知道，邁克和布賴恩談到了寬帶方面的整體市場增長，就家庭通過而言。

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.

從我們的角度來看，當你面對低端寬帶時，我們在談論我們如何競爭，我們談論連接的設備，正在發生多少消費。

And our focus on providing a superior speed, coverage, and control answer to the broadband marketplace I think is working.

我們專注於為我認為正在發揮作用的寬帶市場提供卓越的速度、覆蓋範圍和控制解決方案。

So from our standpoint, you go through it and there's an opportunity to win some customers back that maybe are testing the waters.

所以從我們的角度來看，你經歷了它，就有機會贏回一些可能正在試水的客戶。

But I think our network is really designed and has great opportunities to scale around this new market.

但我認為我們的網絡經過精心設計，並且有很好的機會圍繞這個新市場進行擴展。

We increase the capacity every 18 to 24 months.

我們每 18 到 24 個月增加一次容量。

And so I just feel that not all broadband networks are created equal.

所以我只是覺得併非所有的寬帶網絡都是平等的。

We have a great network designed I think to help us compete with more consumption.

我們有一個很棒的網絡，我認為可以幫助我們與更多的消費競爭。

And in 5G, you know, we are paying close attention to it.

你知道，在 5G 中，我們正在密切關注它。

We are testing our own results in terms of what this can do.

我們正在測試我們自己的結果，看看它可以做什麼。

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.

而且我們仍然認為，我認為這可能是移動網絡提供商增強其移動應用程序和移動服務的好機會。

It's a different question around whether or not what they will do in terms of fixed broadband.

關於他們是否會在固定寬帶方面做什麼，這是一個不同的問題。

So our focus, whether it's Verizon or whoever, is to continue to build out our network.

因此，無論是 Verizon 還是其他任何公司，我們的重點都是繼續建設我們的網絡。

We're very focused around broadband.

我們非常關注寬帶。

We are going to test opportunities with 5G.

我們將測試 5G 的機會。

But we are not going to stand still.

但我們不會停滯不前。

We are going to continue to enhance our network capabilities.

我們將繼續增強我們的網絡能力。

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.

你從整體消費的角度來看，就在高水平上，你看看我們前 10% 的客戶，他們使用了多少，他們正在使用 20 個或更多的連接設備。

And it's a tremendous amount of consumption that we have.

這是我們擁有的巨大消費量。

And I think that's where the market is going.

我認為這就是市場的發展方向。

There is going to be more consumption, more connected devices.

將會有更多的消費，更多的連接設備。

And so our focus is to provide the best in-home solution.

因此，我們的重點是提供最佳的家庭解決方案。

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.

我們將看到 5G 會發生什麼，但在目前的頻譜使用中，他們目前看待它的方式，我仍然對我們的競爭能力非常有信心。

Jonathan Chaplin, New Street Research.

喬納森卓別林，新街研究。

Thanks.

謝謝。

I'm wondering if you can give us a little bit more context on trends in the wireless business this quarter.

我想知道您能否為我們提供更多關於本季度無線業務趨勢的背景信息。

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?

因此，在您報告的與無線相關的 1.89 億美元損失中，有多少是與啟動業務相關的一次性成本與某種持續成本？

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?

那麼，既然您與 Charter 建立了合資企業，那麼業務的成本概況將如何變化，他們將承擔一些平台開發成本？

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?

最後，當您升級商店並讓您的銷售渠道真正落後於產品時，您預計淨增加的步伐何時開始加快？

Thanks.

謝謝。

It's Mike.

是邁克。

I will start and then I will let Dave take over.

我會開始，然後我會讓戴夫接手。

But actually feel pretty good about the [196,000] (corrected by company after the call) line adds, close to 600,000 thus far.

但實際上對 [196,000]（在電話會議後由公司更正）行添加的感覺相當不錯，到目前為止接近 600,000。

We feel pretty good about the launch.

我們對發布感覺非常好。

But in terms of the expenses, the $189 million of EBITDA losses: in line with what we had guided.

但就費用而言，1.89 億美元的 EBITDA 損失：與我們的指導一致。

We had several hundred million of losses last year.

去年我們損失了幾億美元。

There will be a few hundred more this year.

今年還會有幾百個。

And that is really as we are acquiring customers and ramping the business.

這確實是因為我們正在獲取客戶並擴大業務。

We also have to cover expenses of just getting a business started, from marketing departments, technology departments, the like, just core infrastructure.

我們還必須支付剛開始業務的費用，來自營銷部門、技術部門等，只是核心基礎設施。

We will get some benefit in our deal with Charter of bearing some of those costs together.

我們將在與憲章的交易中獲得一些好處，即共同承擔其中的一些成本。

And in terms of where we go from here, I will let Dave comment.

至於我們從哪裡開始，我會讓 Dave 發表評論。

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.

但正如我們一直說的那樣，當我們擴大業務規模時，一旦我們擴大規模，我們將能夠承擔這些成本並在每個客戶的基礎上實現 NPV 為正。

Well, so as Mike said, I think we are off to a really good start at mobile.

好吧，正如邁克所說，我認為我們在移動方面有了一個非常好的開端。

It is early; launched last May.

還早呢;去年五月推出。

I think the consumer response to the choice of by the gig or unlimited is working.

我認為消費者對演出或無限選擇的反應是有效的。

And it's still early in terms of how we expand distribution.

就我們如何擴大分銷而言，現在還為時過早。

You mentioned kind of where we are at with that.

你提到了我們在這方面的情況。

We have launched now completely our retail stores.

我們現在已經完全推出了我們的零售店。

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.

我們不必增加很多零售店；我們剛剛改造了我們現有的商店，並提供了在其中銷售移動設備的能力。

So that's going very well.

所以進展非常順利。

We continue to press I think a very good digital solution.

我們繼續按我認為非常好的數字解決方案。

And we are just now beginning to package mobile solutions with broadband with other options.

我們現在才剛剛開始將帶有寬帶的移動解決方案與其他選項打包在一起。

So I think it is relatively early, but we like the early trajectory of that.

所以我認為它相對較早，但我們喜歡它的早期軌跡。

On Charter, just one other comment.

在憲章上，只有另一條評論。

Given the amount of alignment and how we both looked at the business, this is just I think a really logical next step.

考慮到一致性的數量以及我們對業務的看法，我認為這只是一個非常合乎邏輯的下一步。

And so as Mike mentioned, it helps us reduce cost.

正如邁克所說，它可以幫助我們降低成本。

But I think it's even more than that.

但我認為還不止於此。

It's a really -- it has the potential to be a really good operational partnership.

這是一個非常 - 它有可能成為一個非常好的運營夥伴關係。

We are both focused on back-office operations.

我們都專注於後台運營。

It's really critical to how you scale this new business.

這對於您如何擴展這項新業務至關重要。

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.

讓Charter 參與思考我們如何擴展它的正確答案，我認為這將是一個很好的幫助。

So it reduces cost, it's efficient, it's a good thing.

所以它降低了成本，效率很高，這是一件好事。

But I'm real pleased that we were able to bring this partnership forward.

但我真的很高興我們能夠推進這種夥伴關係。

Scott Goldman, Jefferies.

斯科特·戈德曼，傑富瑞。

Good morning, guys.

早上好傢伙。

I guess, Mike, maybe just on the programming expense.

我想，邁克，也許只是在編程費用上。

Probably a bit lower than most people were expecting.

可能比大多數人的預期要低一些。

It doesn't look like you have a lot of major renewals going on this year.

看起來你今年沒有很多重大更新。

I know you have signaled that this year might be a little bit lower than perhaps the historical average.

我知道你已經暗示今年可能會比歷史平均水平低一點。

Wondering if that view has changed at all or how we should think about 2018 from a programming expense side of the equation.

想知道這種觀點是否已經改變，或者我們應該如何從等式的編程費用方面考慮 2018 年。

And then secondly, just maybe talk a little bit on the video side, what you're seeing in terms of vMVPD competition.

其次，也許只是在視頻方面談談你在 vMVPD 競爭方面看到的情況。

How effective is Instant TV.

Instant TV 的效果如何。

I know it's probably early there, but how effective is that in terms of targeting some of the competition there?

我知道那裡可能還早，但是就針對那裡的一些競爭而言，這有多有效？

Thanks.

謝謝。

Sure.

當然。

It's Mike.

是邁克。

I will start out.

我會開始的。

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.

因此，正如我們所說，在經過幾年的大規模更新後，我們預計今年的節目成本將降至歷史水平。

So we are back in the land of regular escalators.

所以我們又回到了普通自動扶梯的土地上。

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.

正如我之前所說，再加上我們的客戶群組合的一些變化和潛艇的一些減少，使增長率下降。

As a result, a little bit below the historical levels.

因此，略低於歷史水平。

So that's programming.

這就是編程。

We will probably see trends similar for the remainder of this year, it's safe to say.

可以肯定地說，今年剩餘時間我們可能會看到類似的趨勢。

And we will come back next year with further annual guidance.

我們將在明年回來提供進一步的年度指導。

But that's it on programming costs.

但這就是編程成本。

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

我會讓 Dave 評論 MVPD 的競爭格局。

Well, there's no question it's a competitive landscape.

好吧，毫無疑問，這是一個競爭格局。

And don't see that changing, but we anticipated this.

並沒有看到這種變化，但我們預料到了這一點。

As we saw it thus, your point on Instant TV, very much in line with our approach toward segmenting the market place.

正如我們所看到的，您在 Instant TV 上的觀點非常符合我們細分市場的方法。

So still early on Instant TV.

所以在即時電視上還很早。

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.

但是，與寬帶問題類似，一旦你看到新虛擬人的競爭發生根本性轉變，因為他們建立了一點規模並獲得了一些客戶，你就有真正的機會贏回他們。

And so our focus is to segment the market place.

所以我們的重點是細分市場。

But our approach is to lead with the best-in-class video solution in X1 with broadband.

但我們的方法是在 X1 中以一流的寬帶視頻解決方案引領潮流。

We package; it gives the customer the best overall value when you do that.

我們打包；當您這樣做時，它會為客戶提供最佳的整體價值。

But part of this anticipated new competitive, more competitive landscape in video, we've continued to shift towards our connectivity business.

但是，在這種預期的新競爭、更具競爭性的視頻格局中，我們繼續轉向我們的連接業務。

And that has been absolutely part of our planning.

這絕對是我們計劃的一部分。

As we look at the shift, it drives growth, both business services, residentially.

當我們審視這一轉變時，它推動了住宅業務的增長，無論是商業服務。

Business services growing at almost 12%.

商業服務增長近 12%。

There are share opportunities.

有分享的機會。

Our focus is very much centered on broadband.

我們的重點非常集中在寬帶上。

When we start a package sale, when we talk to customers, we lead with broadband.

當我們開始打包銷售時，當我們與客戶交談時，我們以寬帶為主導。

And then we complete the package from that point on.

然後我們從那時起完成包。

This is how we are going to compete and win I think in the marketplace.

我認為這就是我們在市場上競爭和取勝的方式。

You look at the overall opportunity, we are generating nearly $24 billion in this connectivity business in annualized revenue.

你看看整體機會，我們在這項連接業務中的年化收入接近 240 億美元。

It's growing at 10%.

它以 10% 的速度增長。

This is where our focus is.

這就是我們的重點所在。

We will not -- we are going to continue to compete in video and I think that we will see how things play out.

我們不會——我們將繼續在視頻領域競爭，我認為我們會看到事情的發展。

We are not going to just stop competing.

我們不會停止競爭。

We are going to absolutely be aggressive.

我們將絕對具有侵略性。

But our focus has shifted towards the connectivity business.

但我們的重點已轉向連接業務。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

Thanks.

謝謝。

Two follow-ups.

兩個後續。

Dave, you mentioned the shift to connectivity.

戴夫，您提到了向連通性的轉變。

Was there any pushback on the broadband price in this increase this year or any more than usual?

今年的寬帶價格上漲是否有任何阻力或比往常更多？

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?

其次，如果我可以跟進無線，您能否談談本季度推出的自帶設備的貢獻以及效果如何？

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?

您從客戶那裡看到了什麼類型的使用和支出，尤其是那些已經存在幾個季度的早期客戶？

Thank you.

謝謝你。

So on broadband, in terms of rates, I would say at the highest level, we see that there's a real opportunity.

所以在寬帶方面，就費率而言，我想說的是，在最高水平上，我們看到了真正的機會。

Not just in share, but also in terms of how you reasonably price things.

不僅在份額方面，而且在您如何合理定價方面。

Our focus is to innovate.

我們的重點是創新。

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.

就像我們對 X1 所做的那樣，我們在幾年前確實提升了能力，專注於網狀 WiFi、極快的速度，然後通過 xFi 應用程序更好地控制。

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.

所以我認為當你做所有這些事情時，它加起來就是一個非常引人注目的價值主張，你可以合理地定價，然後與優質的寬帶產品競爭。

So I think that, again, not all broadband networks are created equal.

因此，我再次認為，並非所有寬帶網絡都是平等的。

If you are providing a better solution in broadband, your pricing can reflect that.

如果您在寬帶方面提供更好的解決方案，您的定價可以反映這一點。

So we are getting share; we can price reasonably.

所以我們得到了份額；我們可以合理定價。

We are comfortable with that approach.

我們對這種方法感到滿意。

And so in terms of wireless, I think it's too early.

所以在無線方面，我認為現在還為時過早。

We just introduced bring-your-own-device.

我們剛剛介紹了自帶設備。

We like it.

我們喜歡它。

It's operationally working well.

它運行良好。

But it's a little early to go into any detail in terms of the usage metrics and the follow-up around that.

但現在就使用指標和後續跟進進行詳細介紹還為時過早。

But we will get back to you over time on that.

但隨著時間的推移，我們會盡快回复您。

Okay.

好的。

If I can do one more on 5G.

如果我能在 5G 上再做一個。

Brian, you mentioned continuing to work on this.

布賴恩，你提到繼續努力。

What is your interest in either the millimeter wave spectrum auction later this year or maybe the CBRS auction next year?

您對今年晚些時候的毫米波頻譜拍賣或明年的 CBRS 拍賣有什麼興趣？

Thanks.

謝謝。

I don't think we have any news today on that.

我想我們今天沒有這方面的消息。

When we are ready to talk about that, we will.

當我們準備好談論這個時，我們會的。

But I think Dave's answer was pretty complete earlier on our view of 5G.

但我認為戴夫的回答在我們之前對 5G 的看法上相當完整。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Thanks.

謝謝。

You mentioned in prepared remarks that you are offering the gigabit speeds in 90% I think of your homes.

您在準備好的評論中提到您提供 90% 的千兆速度，我認為您的家。

Can you talk about how many people are actually taking these speeds?

你能談談實際上有多少人在使用這些速度嗎？

Or is it still really, really early?

還是真的，真的很早？

And then secondly, one clarification on the Charter JV.

其次，對特許合資企業的一項澄清。

This is clearly different than the agreement you signed last year.

這與你去年簽署的協議明顯不同。

So I assume there is no renewal of the prior-year agreement and that this, whatever was announced, is all encompassing?

所以我認為上一年的協議沒有續簽，無論宣布什麼，這都是包羅萬象的？

Or am I wrong there?

還是我錯了？

Well, first off, on gigabit, yes, it is too early to talk about it.

好吧，首先，在千兆位上，是的，現在談論它還為時過早。

But we are primarily focused on just getting it rolled out.

但我們主要專注於讓它推出。

So that's the main thing, and putting it in a premium position.

所以這是主要的事情，並將其置於優質位置。

So it's a little early to talk about customers.

所以現在談論客戶還為時過早。

On --

在 -

So I just want to clarify: you are not offering it to customers yet?

所以我只想澄清一下：你們還沒有提供給客戶嗎？

You're just --.

你只是——。

No, we are.

不，我們是。

We absolutely are.

我們絕對是。

Yes, no.

是的，沒有。

It's launched and available 90%.

它已推出並可用 90%。

So in terms of Charter, the aspect that you are talking about is still in effect and through May.

因此，就憲章而言，您所談論的方面仍然有效，並持續到 5 月。

But this agreement that we just talked is really for the operational partnership.

但是我們剛才談到的這個協議實際上是為了運營夥伴關係。

And that's going to be the relationship that will carry forward.

這將是繼續發展的關係。

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.

好的，我只想補充一點，我認為我們與 Charter 之間的合作非常好，我們將在未來繼續通知您。

But I just want to end by saying, Dave, you are doing a great job.

但我只想說，戴夫，你做得很好。

Steve, the team is off to a strong start in the year.

史蒂夫，球隊今年開局不錯。

And we're looking forward to a great 2018.

我們期待著美好的 2018 年。

Thank you all for your support.

謝謝大家的支持。

Thanks, everyone.

謝謝大家。

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 o'clock p.m.

從下午 12 點開始，將重播今天的電話會議。

Eastern time.

東部時間。

It will run through Wednesday, May 2 at midnight Eastern time.

它將持續到東部時間 5 月 2 日星期三午夜。

The dial-in number is 855-859-2056 and the conference ID number is 2589896.

撥入號碼為 855-859-2056，會議 ID 號碼為 2589896。

A recording of the conference call will also be available on the Company's website beginning at 12:30 p.m.

電話會議的錄音也將於下午 12:30 開始在公司網站上提供。

Eastern time today.

今天東部時間。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。

Caution Concerning Forward-Looking Statements

關於前瞻性陳述的謹慎

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本文件包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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.

在某些情況下，您可以通過“可能”、“將”、“應該”、“預期”、“計劃”、“預期”、“相信”等詞語來識別這些所謂的“前瞻性陳述”。估計、“預測”、“潛在”或“繼續”或這些和其他類似詞的否定。

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.

我們希望利用該法案規定的“安全港”，並提醒您，由於各種風險和不確定性，實際事件或結果可能與我們在前瞻性陳述中表達的預期存在重大差異，許多其中我們無法控制。

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.

可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素包括：(1) 競爭環境的變化，(2) 商業和經濟條件的變化，(3) 我們的編程成本的變化，(4) 變化在法律和法規方面，(5) 技術變化，(6) 訴訟事項中的不利決定，(7) 與戰略舉措相關的風險，包括我們的無線電話服務的推出和收購，(8) 我們所依據的假設的變化重要的會計判斷和估計，(9) 與我們對 Sky plc 的先決條件全現金報價相關的風險，包括按預期條款和時間完成報價，以及我們成功地將 Sky 與我們的業務整合併實現預期協同效應或收益的能力， (10) 我們向證券交易委員會提交的報告和其他文件中不時描述的其他風險。

We undertake no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

The amount and timing of share repurchases and dividends is subject to business, economic and other relevant factors.

股份回購及分紅的金額及時間視業務、經濟及其他相關因素而定。

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

關於本文件中關於康卡斯特公司（“康卡斯特”）對 SKY PLC（“SKY”）的要約（“要約”）中的信息（“信息”）的重要通知

Further information

更多的信息

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").

不得直接或間接、全部或部分地在任何司法管轄區發布、出版或分發，如果這樣做會構成違反該司法管轄區的相關法律或法規（“受限司法管轄區”）。

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.

訪問信息的人不得直接或間接地在任何受限司法管轄區或從任何受限司法管轄區郵寄、傳輸或以其他方式轉發、分發或發送信息。

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.

該信息僅供參考，並不旨在也不構成任何司法管轄區的購買要約或認購或出售要約的邀請或購買或認購任何證券的邀請或任何投票的徵集.

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.

信息不得構成任何投資活動的基礎或被依賴，或作為參與任何投資活動的誘因。

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.

本文件無意包含評估對 Comcast 或 Sky 或其任何證券的任何投資可能需要的所有信息。

Any investment decision should be made solely on the basis of any formal offer-related documentation released in relation to the Offer.

任何投資決定均應僅根據發布的與要約有關的任何正式要約相關文件作出。

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.

建議任何考慮投資 Comcast 或 Sky 的人在進行投資之前就法律、稅務、會計、財務、信貸和其他相關建議徵求獨立意見。

Certain industry, market and competitive position data contained in the Information may have come from official or third party sources.

信息中包含的某些行業、市場和競爭地位數據可能來自官方或第三方來源。

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.

儘管第三方行業出版物、研究和調查通常表明其中包含的數據是從被認為可靠的來源獲得的，但不能保證其準確性或完整性，康卡斯特也沒有獨立驗證這些數據。

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.

此外，信息中包含的某些行業、市場和競爭地位數據來自康卡斯特自己的內部研究和基於康卡斯特管理層在康卡斯特經營所在市場的知識和經驗的估計。

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.

儘管康卡斯特認為此類研究和估計是合理和可靠的，但它們及其基本方法和假設尚未得到任何獨立來源的準確性或完整性驗證，如有更改，恕不另行通知。

Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this document.

因此，不應過分依賴本文件中包含的任何行業、市場或競爭地位數據。

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

Sky美國股東和Sky ADR持有人的重要信息

Sky is a public limited company incorporated in England.

Sky是一家在英國註冊成立的公共有限公司。

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.

要約將根據經修訂的 1934 年美國證券交易法（“U.S.

S. Exchange Act"), including Regulation 14E thereunder, and otherwise in accordance with the requirements of English law.

S. Exchange Act”），包括其中的第 14E 條，以及其他符合英國法律要求的規定。

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.

因此，要約將受到披露和其他程序要求的約束，包括與根據美國國內要約收購法律和慣例適用的不同的撤回權、要約時間表、結算程序和付款時間。

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.

Sky 的財務信息（包括要約文件中包含的任何信息）並非根據美國公認會計原則編制或衍生而來，因此可能與美國公司的財務信息不同且不可比較。

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.

康卡斯特及其附屬公司或經紀人（作為康卡斯特或其附屬公司的代理人，視情況而定）可不時（根據要約除外）直接或間接在美國境外購買或安排購買Sky 或任何可在要約開放以供接受之前或期間可轉換為、可交換或可行使此類股份的證券，在美國證券和交易所授予的豁免救濟允許的範圍內並符合其規定的範圍內根據美國交易法第 14e-5 條的規定，並遵守英國城市收購和合併守則。

These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices.

這些購買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。

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.

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通過 www.londonstockexchange.com 上的監管新聞服務提供給所有投資者（包括美國）。

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.

該要約如果完成，可能會對美國聯邦所得稅和適用的美國州和地方以及非美國產生影響。

S., tax laws for Sky shareholders and Sky ADR holders.

S.，Sky 股東和 Sky ADR 持有人的稅法。

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.

敦促每位 Sky 股東（包括美國股東和 Sky ADR 持有人）就要約的稅務後果諮詢其獨立專業顧問。