康卡斯特 (CMCSA) 2018 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's second-quarter 2018 earnings conference call. (Operator Instructions). Please note that this conference call is being recorded. I will now turn the call over to Senior Vice President Investor Relations, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

女士們、先生們，早安，歡迎參加康卡斯特2018年第二季財報電話會議。（操作說明）請注意，本次電話會議正在錄音。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 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 Brian Roberts、Mike Cavanagh、Steve Burke 和 Dave Watson。Brian 和 Mike 將發表正式講話，Steve 和 Dave 也將出席並回答問題。

As always, let me now refer you to slide number 2, which contains our Safe Harbor disclaimer, and remind you, this conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, in this call we will refer to certain non-GAAP financial measures. Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

和往常一樣，現在請大家參考第 2 張投影片，其中包含我們的「安全港」免責聲明。同時提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，本次電話會議中我們將提及某些非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. I'm really pleased with our quarterly results and let me reiterate something that perhaps has been lost in recent months. We have a unique and special company with a terrific team and great operating momentum. These excellent second-quarter results underscore all of this. We generated robust free cash flow of $4.3 billion along with healthy EBITDA and earnings per share growth.

謝謝你，傑森，大家早安。我對我們的季度業績非常滿意，我想重申一些可能在最近幾個月被人們忽略的事情。我們是一家獨特而優秀的公司，擁有一支傑出的團隊和強勁的營運勢頭。第二季優異的業績印證了這一切。我們創造了 43 億美元的強勁自由現金流，同時實現了健康的 EBITDA 和每股盈餘成長。

At Cable Communications we've talked a lot about the pivot we've made in our business towards connectivity. It is increasingly the focal point of our relationship with residential customers; it's the driving force behind our growth in business services; and it's where we're investing our capital expenditure dollars to continue to differentiate and extend our network leadership position.

在有線通訊公司，我們經常談到我們業務轉型為連結性的趨勢。它日益成為我們與住宅客戶關係的核心；它是我們商業服務成長的驅動力；也是我們投入資本支出以繼續保持差異化優勢並擴大我們網路領先地位的領域。

We delivered strong results in the second quarter that reflect this strategy with successful execution. Cable EBITDA increased 6.5% and Cable net cash flow, which is EBITDA less total capital, improved over 16%. Fueling these results, our connectivity business, Residential Broadband and Business Services collectively grew revenue nearly 10%.

第二季我們取得了強勁的業績，反映了該策略的成功執行。有線電視業務的 EBITDA 成長了 6.5%，有線電視業務的淨現金流（即 EBITDA 減去總資本）成長了 16% 以上。推動這些業績成長的是，我們的連接業務、住宅寬頻和商業服務業務的總收入成長了近 10%。

We added 182,000 net new customer relationships, and this was driven by 260,000 broadband net adds, our best second quarter in 10 years as our focus on innovation and differentiation through speed, coverage and control with our XFi products is resonating in the market.

我們新增了 182,000 個淨客戶關係，這主要得益於寬頻淨新增用戶 260,000 個，這是我們 10 年來最好的第二季度業績，因為我們專注於透過 XFi 產品的速度、覆蓋範圍和控制來實現創新和差異化，這在市場上引起了共鳴。

In Business Services we continue to see growth across small, medium and enterprise customer segments. Dave Watson and his team are doing a fantastic job and we see substantial further opportunity in our connectivity businesses, continue to take share and grow.

在商業服務領域，我們看到小型、中型和大型企業客戶群持續成長。Dave Watson 和他的團隊做得非常出色，我們看到了我們在連接業務方面的巨大發展機遇，我們將繼續擴大市場份額並實現成長。

In video the team continues to adapt to a changing marketplace. As anticipated, continuing competition from virtual MVPDs contributed to our 140,000 video customer net losses in the second quarter. We remain focused on segments that we can serve profitably as part of a broader relationship with the customer centered on a whole home experience.

視訊方面，團隊不斷適應不斷變化的市場。正如預期的那樣，來自虛擬多頻道視訊節目分銷商的持續競爭導致我們在第二季度淨流失了 14 萬視訊用戶。我們將繼續專注於那些能夠獲利的細分市場，以此作為與客戶建立更廣泛關係的一部分，以提供全屋體驗為中心。

Our best-in-class X1 platform positions as well to do this by aggregating the best content from linear TV to third-party apps like Netflix, YouTube, Pandora and more; integrating other services like xFi and Xfinity Home, and adding features like our recent launch of Fandango voice-activated movie ticketing experience. We expect to announce more integrations with X1 in the quarters ahead.

我們一流的 X1 平台也具備這樣的優勢，它匯集了來自線性電視和第三方應用程式（如 Netflix、YouTube、Pandora 等）的最佳內容；集成了 xFi 和 Xfinity Home 等其他服務；並添加了諸如我們最近推出的 Fandango 語音激活電影票務體驗等功能。我們預計將在未來幾季宣布與 X1 的更多整合。

We're also pleased with the performance of our newest product, Xfinity Mobile. In a little over a year since launch, we've signed up over 780,000 lines and are encouraged by the results and customer response so far, as well as early signs of the positive impact that wireless is having on our overall relationship with the customer.

我們對最新產品 Xfinity Mobile 的表現也感到滿意。自推出以來一年多，我們已經簽約了超過 78 萬條線路，我們對迄今為止的成果和客戶反饋感到鼓舞，同時也看到了無線技術對我們與客戶的整體關係產生的積極影響的早期跡象。

Finally, we are making progress in improving the customer experience and offering more ways to interact with us digitally. In second quarter, calls handled by our agents decreased by 10% and the portion of customer interactions completed digitally increased by double digits year-over-year.

最後，我們在改善客戶體驗和提供更多與我們數位化互動的方式方面取得了進展。第二季度，我們的客服人員處理的電話數量減少了 10%，而透過數位化方式完成的客戶互動比例比去年同期增加了兩位數。

Customer satisfaction is rising and churn declined in every one of our product categories, including the lowest level for a second quarter in over 10 years in broadband. Our focus on making customer service our best product is starting to really pay dividends and I'm proud of the great strides we've made so far.

在所有產品類別中，客戶滿意度都在上升，客戶流失率都在下降，其中寬頻產品的客戶流失率更是連續第二季達到 10 多年來的最低水準。我們專注於將客戶服務打造為我們最好的產品，這項策略開始真正取得成效，我為我們迄今為止所取得的巨大進步感到自豪。

At NBCUniversal, EBITDA increased 4% in the second quarter as particular strength in our Cable Networks business offset expected tough comparisons in film. Overall, the underlying trends across our businesses are very healthy with many exciting highlights like the World Cup on Telemundo, which continued into the third quarter; Jurassic World Fallen Kingdom, which is on track to be one of the top 15 highest grossing movies of all time; and the recent opening of several new attractions at our theme parks.

NBC環球第二季EBITDA成長4%，有線電視網路業務的強勁表現抵消了電影業務預期的艱難成長。整體而言，我們各項業務的基本趨勢非常健康，亮點紛呈，例如 Telemundo 電視台的世界盃轉播一直持續到第三季度；《侏羅紀世界2：失落王國》有望成為有史以來票房最高的 15 部電影之一；以及我們主題公園最近開放的幾個新景點。

Our Cable Networks and Broadcast TV businesses collectively increased EBITDA by 9%. The power of our big events strategy and robust demand for our content is driving continued retrans and affiliate revenue momentum, growth in content licensing and solid advertising, which reflected strength at MSNBC and the World Cup in the second quarter.

我們的有線電視網路和廣播電視業務合計使 EBITDA 成長了 9%。我們的大型活動策略和對我們內容的強勁需求，推動了轉播和附屬收入的持續成長、內容授權的成長以及穩健的廣告，這在第二季度反映了 MSNBC 和世界盃的強勁表現。

Telemundo set numerous records throughout the tournament, including the network's highest ratings ever during Mexico's thrilling win over Germany. Its digital presentation has also been tremendous, generating a record 130 million live streams and making it the biggest Spanish-language live streaming sporting event in history. NBC broadcast won the recently concluded September to May season by the widest margin for a network in 30 years and is on track to win the full 52-week season for the fifth consecutive year.

Telemundo 在整個賽事期間創造了多項紀錄，包括墨西哥隊戰勝德國隊的激動人心的比賽期間，該電視台創下的最高收視率。其數位呈現也取得了巨大成功，創下了 1.3 億次直播觀看的紀錄，使其成為史上規模最大的西班牙語體育賽事直播。NBC電視台在最近結束的9月至隔年5月的收視季中以30年來最大的優勢獲勝，並有望連續第五年贏得整個52週的收視季。

And MSNBC continued its impressive performance now solidly ahead of CNN in primetime and closing the gap with Fox News. I'm not sure enough focus has been paid to MSNBC and the incredible progress it has made.

MSNBC 繼續保持著令人矚目的表現，目前在黃金時段穩居 CNN 收視率榜首，並正在縮小與福克斯新聞的差距。我不確定大家是否足夠關注 MSNBC 及其取得的巨大進步。

Underscoring the importance and value of all this great content to advertisers, we just completed another outstanding upfront, with high single-digit pricing gains coupled with 5% growth in volume commitments. We also achieved 25% growth in upfront digital sales, reflecting our strength across viewership platforms.

為了強調所有這些優質內容對廣告商的重要性和價值，我們剛剛完成了一次非常出色的預售，價格實現了接近兩位數的增長，同時廣告投放量也增長了 5%。我們的預售數位銷售額也實現了 25% 的成長，這反映了我們在各個觀看平台上的實力。

Turning to theme parks, EBITDA is up 12% through the first half of the year. Our wonderful team continues to successfully execute its strategy with new attractions across our parks and in the second half will benefit from the recent openings of Night Parade in Japan, Kung Fu Panda in Hollywood, and Fast & Furious Supercharged in Orlando.

主題樂園方面，上半年 EBITDA 成長了 12%。我們優秀的團隊繼續成功地執行其策略，在我們的各個公園推出新的景點，下半年將受益於最近在日本開業的“夜間巡遊”、好萊塢的“功夫熊貓”和奧蘭多的“速度與激情：超速之旅”。

Adding hotel rooms has also been a key driver in Orlando and we're excited to have the Aventura Hotel opening in a couple weeks, bringing total on-site rooms to over 6,000, which is 2.5 times more when compared to five years ago, with still more capacity to grow.

增加飯店客房也是奧蘭多發展的關鍵驅動因素，我們很高興 Aventura Hotel 將在幾週後開業，屆時飯店客房總數將超過 6,000 間，是五年前的 2.5 倍，並且還有更大的發展空間。

As you can see, we had a great first half of the year with a really strong second quarter and showing strength across all parts of the Company. With that, let me turn it over to Mike.

如您所見，我們上半年業績斐然，第二季表現尤為強勁，公司各部門都展現了強大的實力。那麼，接下來就交給麥克吧。

Thanks, Brian, and good morning, everyone. I'll begin on slide 4 with our second-quarter consolidated results. Revenue increased 2.1% to $21.7 billion. Adjusted EBITDA increased 4.8% to $7.4 billion, reflecting solid growth of 6.5% and 4.2% at Cable and NBCUniversal, respectively.

謝謝你，布萊恩，大家早安。我將從第 4 張投影片開始，介紹我們第二季的綜合業績。營收成長2.1%，達到217億美元。經調整後的 EBITDA 成長 4.8% 至 74 億美元，其中有線電視業務成長 6.5%，NBCUniversal 成長 4.2%。

The corporate and other segment results included an EBITDA loss of $185 million for Xfinity Mobile. Adjusted earnings per share increased 25% to $0.65 for the quarter. And finally, free cash flow was $4.3 billion in the quarter, bringing the first half total to $7.4 billion.

公司及其他部門的業績包括 Xfinity Mobile 的 EBITDA 虧損 1.85 億美元。本季調整後每股收益成長25%至0.65美元。最後，本季自由現金流為 43 億美元，使上半年的自由現金流總額達到 74 億美元。

Now let's turn to the details of the quarter, starting with Cable Communications results on slide 5. Revenue increased 3.4% and EBITDA increased 6.5%, resulting in a 120 basis point year-over-year improvement in margin to 41.1%. These results reflect strong underlying growth in the business and also include benefits from a tax settlement and hurricane insurance proceeds in this year's second quarter that together contributed slightly less than 1 point of EBITDA growth.

現在讓我們來看看本季的詳細情況，首先是第 5 頁的有線通訊業績。營收成長了 3.4%，EBITDA 成長了 6.5%，利潤率年增了 120 個基點，達到 41.1%。這些業績反映了公司業務強勁的潛在成長，同時也包括今年第二季稅收和解金和颶風保險賠償金帶來的收益，這兩項收益合計對 EBITDA 成長的貢獻略低於 1 個百分點。

Customer relationships increased 2.8% year-over-year to 29.8 million, including 182,000 net additions in the second quarter. On a per relationship basis, revenue increased 0.7% and EBITDA increased 3.7%.

客戶關係年增 2.8%，達到 2,980 萬，其中第二季淨增 18.2 萬。以每項合作關係計算，營收成長了 0.7%，EBITDA 成長了 3.7%。

As a Brian said, we are undergoing a strategic shift in our business. Video competition from virtual MVPDs remains challenging, driving a loss of 136,000 residential video customers and a 1.9% decline in video revenue in the quarter. We expect this pressure to continue as the virtual players continue to ramp up their marketing. However, our strong total Cable results underscore the successful pivot we have made towards our high-margin connectivity businesses, residential high-speed Internet and Business Services.

正如布萊恩所說，我們的業務正在經歷策略轉型。來自虛擬 MVPD 的視訊競爭依然嚴峻，導致本季流失 136,000 名住宅視訊用戶，視訊收入下降 1.9%。我們預計，隨著虛擬玩家不斷加強行銷力度，這種壓力將會持續下去。然而，我們強勁的有線電視業務整體業績凸顯了我們向高利潤連接業務（住宅高速互聯網和商業服務）成功轉型。

High-speed Internet revenue increased 9.3% to $4.3 billion, again the largest contributor to overall cable growth. Our residential broadband customer base has increased by 1.1 million over the past year, including the addition of 226,000 net new customers in the quarter.

高速網路營收成長 9.3% 至 43 億美元，再次成為有線電視整體成長的最大貢獻者。過去一年，我們的住宅寬頻用戶數量增加了 110 萬，其中本季淨新增用戶 22.6 萬。

As these robust results demonstrate, we are competing well as we've differentiated our product with speed increases and the launch of our 1 gig tier across our footprint, our advanced gateways, and over 19 million hotspots for the best in- and out-of-home Wi-Fi coverage and unique home network control elements through xFi.

正如這些強勁的成果所表明的那樣，我們憑藉產品差異化優勢在競爭中表現出色，我們提高了速度，並在我們的覆蓋範圍內推出了 1 Gbps 套餐，配備了先進的網關，並通過 xFi 提供了超過 1900 萬個熱點，從而實現了最佳的室內外 Wi-Fi 覆蓋和獨特的家庭網絡控制功能。

Additionally, one of the ways we have adapted our approach in the current marketplace is to proactively market broadband only packages, which will continue in the second half of the year. The increasing importance and value of broadband to our customers is clear. Our customers' median monthly data usage on our network now exceeds 150 gigabytes for the first time. Additionally, our xFi customers are connecting an average of 11 devices in the home over Wi-Fi daily.

此外，我們調整當前市場策略的方法之一是積極推廣僅包含寬頻服務的套餐，這項策略將在今年下半年繼續實施。寬頻對我們的客戶而言越來越重要，越來越有價值，這一點顯而易見。我們客戶的月均網路數據使用量首次超過 150 GB。此外，我們的 xFi 用戶平均每天透過 Wi-Fi 連接家中 11 台裝置。

Business Services delivered another quarter of double-digit growth with revenue increasing 11.1% to $1.8 billion. Business customer relationships increased 6% year-over-year to 2.2 million, including net adds of 36,000 in the quarter, and revenue per Business customer relationship increased 4.6%.

商業服務業務連續第二季實現兩位數成長，營收成長 11.1% 至 18 億美元。企業客戶關係年增 6% 至 220 萬，其中本季淨增加 3.6 萬，每個企業客戶關係的收入成長 4.6%。

Connectivity is at the core of our relationship with customers on the Business side as well. Offering gigabit speeds and pushing fiber deeper into our network is enabling us to continue to win share across small businesses, Ethernet customers and our enterprise segment.

在企業方面，溝通也是我們與客戶關係的核心。提供千兆速度並將光纖更深入地部署到我們的網路中，使我們能夠繼續贏得小型企業、乙太網路客戶和企業客戶的市場份額。

We believe the competitive and strategic positioning of our broadband services and their increasing value to residential and commercial customers, as well as our expectation for continued broadband adoption, new home formation and the extension of our network to new commercial locations within our footprint all point to sustainable growth ahead in our connectivity businesses.

我們相信，我們寬頻服務的競爭性和策略性定位，以及它們對住宅和商業客戶日益增長的價值，再加上我們對寬頻持續普及、新家庭形成以及將我們的網路擴展到我們覆蓋範圍內的新商業地點的預期，都預示著我們的連接業務將實現可持續增長。

The newest product in our cable bundle, Xfinity Mobile, ended the quarter with 780,000 customer lines, as Brian mentioned, with 204,000 net line additions in the quarter. The EBITDA loss of $185 million booked in our Corporate and Other segment reflects our continuing ramp in subscriber acquisitions and the incremental operating costs associated with getting this business launched.

正如布萊恩所提到的，我們有線電視套餐中的最新產品 Xfinity Mobile 在本季末擁有 78 萬條客戶線路，本季淨增 20.4 萬條線路。公司及其他業務部門所錄得的 EBITDA 虧損 1.85 億美元反映了我們持續增加用戶獲取量以及與啟動這項業務相關的額外營運成本。

While it is still early, we are pleased with the early indications we are seeing, including the mix of by-the-gig versus unlimited plans, the impact of bring your own device, and the attachment of mobile to our high quality double and triple play bundles.

雖然現在還為時過早，但我們對目前看到的早期跡象感到滿意，包括按流量計費與無限流量套餐的組合、自帶設備的影響，以及將行動服務與我們高品質的雙重和三重播放套餐相結合。

Now turning to cable expense and margin on slide 6. Total cable expenses increased 1.4% driven by 3.3% growth in programming costs. Non-programming costs were flat compared to last year and down 2.6% on a per customer relationship basis, reflecting our ongoing focus on cost control, as well as the financial benefits of the progress we are making in our efforts to improve the customer experience.

現在就來看看第 6 張投影片中的有線電視支出和利潤率。有線電視總支出增加了 1.4%，其中節目製作成本增加了 3.3%。與去年相比，非程式設計成本持平，以每個客戶關係計算下降了 2.6%，這反映了我們對成本控制的持續關注，以及我們在改善客戶體驗方面取得的進展所帶來的財務效益。

In particular, our customer service expenses declined almost 1% even as our customer base was 2.8% higher year-over-year. Additionally, the tax settlement and insurance proceeds that I mentioned earlier together reduced non-programming expands cost growth by approximately 1 point.

尤其值得一提的是，儘管我們的客戶群年增了 2.8%，但我們的客戶服務費用卻下降了近 1%。此外，我前面提到的稅務和解金和保險賠償金加起來使非程式擴張成本成長減少了約 1 個百分點。

Bringing all this together, cable EBITDA increased 6.5% to $5.6 billion resulting in a margin of 41.1%, up 120 basis points compared to the second quarter of last year. Based on our strong performance year-to-date and our outlook for the second half, we believe full-year margins could be 50 to 100 basis points higher compared to last year, which is an improvement from our previous guidance of up to 50 basis points higher.

綜合所有因素，有線電視業務的 EBITDA 成長 6.5% 至 56 億美元，利潤率為 41.1%，比去年第二季成長 120 個基點。根據我們今年迄今的強勁業績以及對下半年的展望，我們認為全年利潤率可能比去年提高 50 至 100 個基點，這比我們之前預測的提高 50 個基點有所提高。

Cable CapEx decreased by 9.7% to $1.8 billion, reflecting a decline in customer premise equipment spending as X1 is now deployed to over 60% of our residential video customers. This decline was partially offset by higher spending on line extensions to reach more business and residential customer addresses and continued investment in our network, consistent with our ongoing focus on driving our connectivity businesses.

有線電視資本支出下降了 9.7%，至 18 億美元，反映出客戶終端設備支出下降，因為 X1 目前已部署到我們 60% 以上的住宅視訊客戶。這一下滑部分被增加的線路擴展支出所抵消，以覆蓋更多企業和住宅客戶地址，並持續投資於我們的網絡，這與我們持續專注於推動連接業務的重點是一致的。

Cable CapEx intensity was 12.9% in the second quarter. For the full year, we now expect 50 to 100 basis points of CapEx intensity favorability relative to last year, an improvement from our previous guidance of up to 50 basis points. Overall healthy EBITDA growth and margin expansion driven by our strong connectivity results and focus on cost control, coupled with a decrease in Cable CapEx as the mix of our business continues to shift, drove a 16% increase in Cable net cash flow in the quarter.

第二季有線電視資本支出強度為 12.9%。我們現在預計全年資本支出強度將比去年有利 50 至 100 個基點，比我們之前最多 50 個基點的預期有所改善。整體而言，由於我們強勁的連結業務績效和對成本控制的重視，EBITDA 實現了健康的成長，利潤率也隨之擴大。此外，隨著業務組合的不斷調整，有線電視資本支出下降，推動了本季有線電視淨現金流成長 16%。

Now let's move on to NBCUniversal's results. On slide 7, NBCUniversal's revenue of $8.3 billion was consistent with the prior year and EBITDA increased 4.2% to $2.2 billion. These results reflect robust growth and affiliate fees and retrans at our TV businesses, strong advertising growth and solid results at our theme parks despite a difficult comparison from the timing of spring holidays.

現在我們來看看NBC環球的業績。在第 7 張投影片中，NBCUniversal 的營收為 83 億美元，與前一年持平，EBITDA 成長 4.2% 至 22 億美元。這些業績反映了我們電視業務的強勁成長、附屬費用和轉播費，以及廣告業務的強勁成長和主題樂園的穩健業績，儘管春季假期的時間段比較困難。

These growth drivers were partially offset by the expected impacts of a tough comparison to last year's film slate, as well as the programming and production costs associated with Telemundo's broadcast of the FIFA World Cup. Cable Networks' revenue increased 8.2% to $2.9 billion and EBITDA increased 12.5% to $1.2 billion, driven by higher affiliate fees, content licensing and MSNBC ad sales. Distribution revenue grew 8.7%, primarily reflecting the continued benefit of previous renewal agreements.

這些成長動力部分被與去年電影檔期相比的嚴峻形勢以及 Telemundo 轉播 FIFA 世界盃相關的節目製作成本所抵消。有線電視網絡營收成長 8.2% 至 29 億美元，EBITDA 成長 12.5% 至 12 億美元，主要得益於附屬公司費用、內容授權和 MSNBC 廣告銷售的成長。分銷收入成長了 8.7%，主要反映了先前續約協議帶來的持續收益。

Subscribers at our Cable Networks declined by just under 1% this quarter as adoption of virtual MVPDs drove an improvement from the recent trend of 1.5% to 2% declines. Content licensing and other revenue increased 22.5% due to the timing of content provided under current arrangements and new licensing deals. Advertising increased 3.6%, reflecting another outstanding quarter for MSNBC, as well as strong overall pricing that was partially offset by ratings declines.

由於虛擬 MVPD 的普及，我們有線電視網路的用戶數量在本季下降了不到 1%，這扭轉了近期 1.5% 至 2% 的下降趨勢。由於現有安排下提供的內容以及新的授權協議，內容授權和其他收入成長了 22.5%。廣告收入成長了 3.6%，這反映出 MSNBC 又一個出色的季度業績，以及強勁的整體定價，但部分被收視率下降所抵消。

Broadcast television revenue increased 6.7% to $2.4 billion, reflecting advertising growth and higher retransmission revenue. Advertising revenue increased 9.2% driven by Telemundo's broadcast of the World Cup. Excluding the impact of the World Cup, advertising would've been consistent with our recent underlying trends, which have been roughly flat year-over-year.

廣播電視收入成長 6.7%，達到 24 億美元，反映出廣告收入的成長和轉播收入的增加。受 Telemundo 對世界盃的轉播推動，廣告收入成長了 9.2%。如果排除世界盃的影響，廣告投放情況將與我們近期的基本趨勢保持一致，即年比基本持平。

Retrans revenue increased about 20% to $437 million. Broadcast EBITDA of $417 million was consistent with prior year due to programming and production costs associated with the World Cup. Excluding the World Cup, EBITDA would have increased by high single digits.

轉播營收成長約 20%，達到 4.37 億美元。由於世界盃相關的節目製作成本，廣播業務的 EBITDA 為 4.17 億美元，與去年持平。如果不計世界盃的影響，EBITDA 將實現接近兩位數的成長。

Film revenue declined by 20.2% and EBITDA declined by 52.1% to $138 million, reflecting the size and timing of 2018 theatrical releases and limited carryover from earlier releases. As expected, this created difficult comparisons to the strong theatrical performance of Fate of the Furious in 2Q 2017, as Jurassic World Fallen Kingdom launched late in this year's second quarter, as well as last year's successful home entertainment releases like Sing, Split and Get Out.

電影收入下降了 20.2%，EBITDA 下降了 52.1% 至 1.38 億美元，這反映了 2018 年院線電影的規模和上映時間，以及先前上映電影的票房延續有限。不出所料，由於《侏羅紀世界2：失落國度》是在今年第二季末上映的，因此很難與 2017 年第二季《玩命關頭8》的強勁票房表現進行比較，也難以與去年《歡樂好聲音》、《分裂》和《逃出絕命鎮》等成功的家庭娛樂發行作品進行比較。

Finally, Theme Parks revenue increased 3.6% to $1.4 billion and EBITDA increased 3.4% to $569 million despite a difficult comparison to the timing of spring break, which was concentrated in the second quarter of last year, and benefited our results in the first quarter of this year. On a year-to-date basis, which smooths out the spring break timing differences, revenue increased 8.6% and EBITDA increased 12.3%.

最後，儘管與去年春假的時間安排相比比較困難（春假集中在去年第二季度，對我們今年第一季的業績有利），主題樂園的收入仍增長了 3.6%，達到 14 億美元，EBITDA 增長了 3.4%，達到 5.69 億美元。年初至今，剔除了春假時間差異的影響，營收成長了 8.6%，EBITDA 成長了 12.3%。

So let's finish up on slide 8 with return of capital. As I mentioned earlier, we generated $4.3 billion of free cash flow in the quarter. We returned $2.1 billion to shareholders in the second quarter, including $878 million of dividends and $1.25 billion of share repurchases. We remain committed to repurchasing at least $5 billion of stock in 2018.

那麼，讓我們在第 8 張投影片上結束關於資本回報的內容。正如我之前提到的，我們本季產生了 43 億美元的自由現金流。第二季度，我們向股東返還了 21 億美元，其中包括 8.78 億美元的股息和 12.5 億美元的股票回購。我們仍致力於在 2018 年回購至少 50 億美元的股票。

Finally, we ended the quarter with net leverage of 2.1 times EBITDA and we continue to be comfortable maintaining net leverage around the 2.2 times level. We value our current credit ratings.

最後，本季末我們的淨槓桿率為 EBITDA 的 2.1 倍，我們仍然認為將淨槓桿率維持在 2.2 倍左右是合理的。我們重視目前的信用評級。

Assuming we are successful in acquiring Sky, our significant free cash flow generation will allow us to delever on a timetable which we believe is consistent with the rating agencies' expectations, but of course we cannot speak for them.

假設我們成功收購了 Sky，我們可觀的自由現金流將使我們能夠按照我們認為符合評級機構預期的時間表去槓桿化，但當然我們不能代表他們發言。

In closing, to reiterate what Brian said, this strength and momentum of our underlying business has probably been underappreciated in recent months. We are pleased to again report great quarterly results that support this. I'm confident in our trajectory and believe we are well positioned for the future. Now I'll give it back to Jason for Q&A.

最後，重申布萊恩所說的話，近幾個月來，我們基礎業務的這種實力和發展勢頭可能被低估了。我們很高興再次報告出色的季度業績，這印證了這一點。我對我們的發展方向充滿信心，並相信我們為未來做好了充分準備。現在我把問題交還給傑森，讓他回答問題。

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). Ben Swinburne, Morgan Stanley.

（操作說明）本‧斯溫伯恩，摩根士丹利。

Two questions. Brian, I think it was about nine months ago or so where you started to talk about your business as a connectivity business. And that may have faded in the background a bit over the last several months given everything else that's been going on. But it I'm wondering if you could come back to that shift in strategy and go-to-market and talk about what that means for Comcast in terms of capital allocation, the products you're building, your product pipeline, both in broadband and video.

兩個問題。布萊恩，我記得大概九個月前，你開始把你的公司定位為連結型企業。鑑於過去幾個月發生的一切，這件事可能已經逐漸被人們忽略了。但我很想知道您能否再談談策略和市場進入方式的轉變，以及這對康卡斯特在資本配置、您正在開發的產品、寬頻和視訊產品線方面意味著什麼。

And related to this shift, maybe for Mike or Dave, what does this mean for the return on capital for the business? We look at these margin trends and capital intensity trends and certainly suggest that the whole model is becoming a higher return business as a result of this shift. I don't want to over analyze a first half of the year, so I'd love to hear your thoughts on how that shift impacts the return in the business if you can.

與此轉變相關的是，對麥克或戴夫來說，這對企業的資本報酬率意味著什麼？我們觀察這些利潤率趨勢和資本密集度趨勢，並肯定地認為，由於這種轉變，整個模式正在變成一個高回報的業務。我不想過度分析上半年的情況，所以如果您方便的話，我很想聽聽您對這種轉變如何影響業務回報的看法。

Okay. Well, thank you, Ben. Let me start and then kick it over to Dave, maybe, for a little bit of his perspective. First of all, doing great job taking this Company that we built and recognizing times are changing.

好的。謝謝你，本。讓我先開始，然後或許可以把話題交給戴夫，聽聽他的看法。首先，你們做得很好，帶領我們創建的這家公司適應時代的變化。

And as more people rely on faster and faster broadband and more capacity, that gave us some marvelous opportunity to make investments to take the innovation machinery that our engineers and technology team have built and repurpose them partially to focus on innovation around broadband with our xFi products and our xFi brand.

隨著越來越多的人依賴速度越來越快、容量越來越大的寬頻，這給我們帶來了一些絕佳的機會，可以進行投資，利用我們的工程師和技術團隊構建的創新機制，並對其進行部分改造，專注於圍繞我們的 xFi 產品和 xFi 品牌進行寬頻創新。

So the whole Company understands that connectivity, same with Business Services. And so, it starts with everyone understanding that that's the opportunity and then trying to be best-in-class. I think some of our competitors are focused on other things and that allowed for an opening for us to make these investments and see consumers be happy with the products.

因此，整個公司都明白互聯互通的重要性，業務服務部門也是如此。因此，首先要讓每個人都明白這是一個機會，然後努力做到最好。我認為我們的一些競爭對手專注於其他方面，這給我們提供了進行這些投資的機會，並讓我們看到消費者對這些產品感到滿意。

And so, I think today's results -- we are hopeful they can continue in the future. We don't have a better crystal ball than anybody else, but we're pretty confident with the momentum through the first half of the year. And this is the best second quarter, which is seasonally not your strongest quarter, that we've had in 10 years. So I think that's a great achievement. Dave?

因此，我認為今天的成果——我們希望這種成果能夠在未來繼續維持下去。我們並不比其他人擁有更好的水晶球，但我們對今年上半年的發展勢頭相當有信心。而且這是我們 10 年來業績最好的第二季度，而第二季度通常不是我們業績最好的季度。所以我認為這是一項了不起的成就。戴夫？

Well, Ben, it starts with what Brian said. I think that our number one priority is growing the connectivity side of the opportunities that we have. So how we invest, how we manage, how we look at the product pipeline, it starts with literally everything around broadband. And given our current penetration level, we feel that there is considerable upside in growing share in broadband.

本，這要從布萊恩說的話說起。我認為我們首要任務是拓展我們所擁有的各種機會中的互聯互通方面。所以，我們的投資方式、管理方式、產品線管理方式，一切都始於與寬頻相關的一切。鑑於我們目前的普及率，我們認為提高寬頻份額還有很大的成長空間。

So the market is growing, people want better broadband, we deliver a better broadband service and we're taking share. So feel good about this quarter. This is our highest second quarter broadband in 10 years, as Brian said, and it's driven by strong connects, really strong retention performance. And that ties to this continuous investment in the category.

所以市場正在成長，人們想要更好的寬頻，我們提供更好的寬頻服務，我們正在搶佔市場份額。所以，對本季充滿信心。正如布萊恩所說，這是我們 10 年來第二季寬頻業務的最高水平，這得益於強大的連接性和非常強勁的用戶留存率。這與該領域持續不斷的投資密切相關。

This just didn't happen overnight. We have been very focused on broadband in the connectivity side, both residential and commercial, for some time. And so, every year we have gone to our residential customers and 17 years in row have increased their speeds. And our focus is delivering speed, coverage and control all under the xFi brand.

這並非一朝一夕就能發生的。一段時間以來，我們一直非常關注寬頻連線的發展，包括住宅和商業寬頻。因此，我們每年都為住宅用戶提高網速，並且連續17年提高了他們的網速。我們的目標是在 xFi 品牌下提供速度、覆蓋範圍和控制。

Right now 75% of our customers have 100 megabits or higher of speed and we're connecting an average about 11 devices in a household with our Wi-Fi. So coverage and the investment around gateway devices and Wi-Fi mesh is very important. And we've launched 1 gig virtually across the entire footprint.

目前，我們 75% 的客戶擁有 100 兆位元或更高的網速，平均每個家庭有大約 11 台裝置透過我們的 Wi-Fi 連線。因此，覆蓋範圍以及對網關設備和 Wi-Fi 網狀網路的投資非常重要。我們已在整個業務範圍內推出了 1 G 的虛擬服務。

So I think that's why our retention and the churn performance is doing well. We keep adding value to the subscription. So in addition, the focus has been from a marketing standpoint, we segment the marketplace, we're going after multiple segments and packaging, but we have increased our focus around the high-speed only segment and that is really helping fuel things.

所以我覺得這就是為什麼我們的客戶留存率和客戶流失率表現良好的原因。我們不斷提升訂閱服務的價值。此外，從行銷的角度來看，我們的重點是細分市場，我們瞄準多個細分市場和包裝，但我們更加關注高速細分市場，這確實有助於推動業務發展。

So, from a capital standpoint, let Mike jump in, but we -- this reflects the shift in mix that -- less video CPE, more broadband infrastructure. This is good for not only capital, it's good for margins, it's good for overall growth. And to me this puts us in a really good position and I feel very optimistic about what broadband can do for us in the second half. Mike?

所以，從資本角度來看，讓麥克來談談吧，但我們——這反映了組合的變化——視訊 CPE 減少，寬頻基礎設施增加。這不僅對資本有利，對利潤率也有利，對整體成長也有利。在我看來，這讓我們處於非常有利的地位，我對寬頻在下半年能為我們帶來的好處感到非常樂觀。麥克風？

Yes, thanks, Dave. So Ben, just on the capital return dynamics, completely consistent with this pivot to connectivity. You think about Dave and team are doing is really focusing on growing EBITDA at a customer level and driving higher lifetime profitability per customer.

好的，謝謝你，戴夫。所以本，就資本回報動態而言，這與轉型為互聯的轉型完全一致。戴夫和他的團隊所做的，實際上是專注於提高客戶層面的 EBITDA，並提高每個客戶的終身盈利能力。

And obviously the more that broadband becomes the center of the plate product, which it is as you see from the results here, that's a higher-margin product with lower capital intensity. So that shift is -- you're seeing that in the numbers and what Dave is doing is sustainable looking ahead.

顯然，寬頻業務越成為核心產品（正如你從這裡的結果所看到的），它就越能成為利潤率更高、資本密集度更低的產品。所以這種轉變——你可以從數字中看到這一點——而且從長遠來看，戴夫正在做的事情是可持續的。

That then sets that team up to really manage video, as Dave will talk about a little more I'm sure, in a way where we're not going to chase low profitability video. And -- but because we can drive better results at a customer level in other ways, and it shapes the effort to add other products like Xfinity Mobile where we're seeing good results at the beginning.

這樣一來，該團隊就能真正有效地管理視頻，我相信戴夫之後還會詳細談到這一點，這樣我們就不會去追逐低利潤的視頻了。而且—因為我們可以透過其他方式在客戶層面取得更好的結果，這也促使我們努力增加其他產品，例如 Xfinity Mobile，我們在初期就看到了良好的結果。

And that's, in our hopes anyway, something that can add some incremental profitability at the per customer level and, hopefully over the long term, keep churn low in the existing business. So, all those factors together make us feel very confident about the long-term trajectory and the return dynamics of Dave's business.

我們希望，這能夠提高每位客戶的獲利能力，並有望從長遠來看，降低現有業務的客戶流失率。因此，所有這些因素加在一起，讓我們對戴夫的業務的長期發展軌跡和回報動態感到非常有信心。

One thing in addition, Ben, in talking about the profitability on a per customer basis, in addition to the 260,000 strong -- market share strong growth, we are as focused on driving rate and revenue, given that it's just a great product. So, our focus has been on ARPU growth is well. So if you look at the quarter, we have been grown ARPU by almost 5% in HSD broadband. So it's a good balance between the two and that's how we look on our returns as well.

此外，Ben，在談到每位客戶的獲利能力時，除了 26 萬的強勁市佔率成長之外，我們還專注於提高成長率和收入，因為這確實是一款很棒的產品。所以，我們的重點一直放在了ARPU（每位用戶平均收入）的成長。所以從季度來看，我們的高速寬頻ARPU成長了近5%。所以這兩者之間取得了很好的平衡，這也是我們對收益的看法。

Thank you all for the color.

感謝大家帶來的色彩。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·雷夫·科恩，美國銀行美林證券。

Just a follow-up to what Dave just said and then I have an NBCU question. So given the dynamics of broadband, the demands usage, etc., and pricing power, would you reconsider ever going to usage-based pricing? And if not, why not?

我接著戴夫剛才說的問個問題，然後我還有一個關於NBC環球的問題。鑑於寬頻的動態變化、需求使用等以及定價權，您是否會重新考慮採用按使用量計費的方式？如果不是，為什麼不是？

And then on the NBCU side, I guess two questions. Addressable advertising still seems to be the key to making progress for traditional media companies versus the pure digital companies. Can you talk about what needs to be done and when it will be done to really drive that?

然後，關於NBCU方面，我想問兩個問題。對於傳統媒體公司而言，可尋址廣告似乎仍然是其相對於純數位公司取得進展的關鍵。您能否談談為了真正推動這件事，需要做些什麼以及何時去做？

And secondly on Theme Parks, Universal filed in mid-June with the patent office for the name Fantastic Worlds. Is that an indication that you are planning another gate in Orlando? Could you talk about plans for -- and timing on that?

其次，關於主題樂園，環球影業在 6 月中旬向專利局提交了「Fantastic Worlds」這個名稱的專利申請。這是否意味著你們計劃在奧蘭多再建一個大門？能談談相關的計畫和時間安排嗎？

And then on China, any update that you can give us? Do you expect any backlash from some of the trade issues going on between US and China? Any progress that you can talk about? Thanks.

那麼關於中國，您能給我們一些最新消息嗎？你認為中美目前的一些貿易問題會引發什麼負面影響嗎？有什麼進展可以透露嗎？謝謝。

Jessica, let me start. Our focus has been to position broadband in the core subscription, and I think the 4.7% ARPU is a good outcome that speaks to that. We have fair rate increases that impact that.

潔西卡，我先來。我們一直致力於將寬頻定位為核心訂閱服務，我認為 4.7% 的 ARPU 是一個不錯的成績，證明了這一點。我們有合理的利率上漲，這會影響到這一點。

Our packaging is entirely broadband centric and so that's a big source of revenue and how disciplined we are around -- if somebody does elect to take broadband only, we're very focused on making sure we price that fairly. So we'll evaluate everything over time, but we are very focused on the core subscription. That's where I think the rate opportunity is.

我們的套餐完全以寬頻為中心，因此寬頻是我們的主要收入來源。我們在這方面非常注重紀律——如果有人選擇只購買寬頻，我們會非常注重確保價格公平合理。所以我們會隨著時間的推移對所有方面進行評估，但我們非常關注核心訂閱服務。我認為利率機會就在這裡。

So in terms of advertising, we just completed strongest upfront in the seven years that we've been here. Overall volume was up significantly and rate was up very significantly. This is maybe the fifth upfront that we've really led the upfront and sort of set rates and others followed behind us. But we are seeing a very strong advertising market; scatter is terrific, World Cup sales were terrific.

所以就廣告而言，我們剛完成了七年來最強的預售活動。整體交易量顯著成長，交易速度更是顯著成長。這可能是我們第五次真正引領預售市場並設定價格，然後其他人跟進的預售活動了。但我們看到廣告市場非常強勁；散播廣告效果極佳，世界盃期間的銷售額也非常驚人。

We're making a number of investments in making a number of technological improvements, some of which are related to addressability and some of which are related to just packaging and selling our products differently. And that's obviously going to be important as we differentiate ourselves against digital advertisers.

我們正在進行多項投資，以實現多項技術改進，其中一些與可尋址性有關，另一些則與改變我們產品的包裝和銷售方式有關。顯然，這一點對於我們與數位廣告商區分開來至關重要。

In terms of a new gate in Florida, we are looking at it. We filed basically a name registration. We have a lot of great IP. We love the theme park business. It's one of our best, most consistent businesses. And we think we have a lot of -- a very long runway and that another gate in Florida would have the advantage of turning Florida from a two- or three-day destination to potentially a weeklong destination. We think that would be attractive.

關於在佛羅裡達州新建大門的事宜，我們正在考慮。我們提交的基本上是名稱註冊申請。我們擁有很多優秀的知識產權。我們熱愛主題樂園產業。這是我們業績最好、最穩定的業務之一。我們認為我們有很多優勢——一條很長的跑道，而且在佛羅裡達州再增設一個登機口，將使佛羅裡達州從一個兩三天的旅遊目的地變成一個可能持續一周的旅遊目的地。我們認為這會很有吸引力。

In terms of China, no sign of any changes related to whatever friction there might be between the two countries. We're actually starting vertical construction. Things are going very, very well and we continue to believe a Universal Park in Beijing is going to be a huge addition to our Theme Park segment.

就中國而言，目前沒有任何跡象顯示兩國之間存在任何摩擦，也沒有任何變化跡象。我們實際上已經開始進行垂直建造了。一切進展非常順利，我們仍然相信北京環球影城將大大豐富我們的主題樂園業務。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Maybe we could focus on some of the strategic issues that have been impacting the stock. In the wake of the bidding for Fox, Brian, do you feel that the -- that NBC is subscale as D2C offerings increasingly become the focus of US media? That's number one.

或許我們可以專注在一些影響股價的策略問題。布萊恩，在福斯被競購之後，你是否覺得隨著D2C服務日益成為美國媒體的重點，NBC的規模已經落後了？這是第一點。

Number two, if you could talk about your confidence level in the Sky bid. And three, just what's your view regarding being a minority investor in Hulu, with Disney controlling the company? Thanks.

第二，您能否談談您對天空電視台競標的信心程度？第三，身為 Hulu 的少數股東，而迪士尼控制這家公司，您對此有何看法？謝謝。

Thank you, John. Let me just generally comment on this, and I think I hit some of your points and some of them we're not prepared to address today. But in terms of scale, I think today's great results show that our Company has scale, that it's working well, maybe even better than that. Maybe -- in a number of our products we're the market leader, best-in-class. That comes with scale.

謝謝你，約翰。我只想就此發表一些看法，我認為我回應了你的一些觀點，但有些觀點我們今天不打算討論。但就規模而言，我認為今天取得的優異成績表明，我們公司擁有規模，運作良好，甚至可能比預期還要好。也許——在我們的許多產品中，我們是市場領導者，也是同類產品中的佼佼者。這是規模經濟帶來的。

So in the case of Fox, it was a unique opportunity and we were very disciplined in our approach to it, but we thought it was mostly about international expansion opportunity. We had regulatory belief that it was approvable in the United States. In fact, we've had conversations that were going well.

所以就福克斯而言，這是一個獨特的機會，我們採取了非常嚴謹的態度來應對，但我們認為這主要是一個國際擴張的機會。我們有監管方面的看法，認為它在美國可以獲得批准。事實上，我們有過一些進展順利的對話。

But ultimately we pulled back because we thought that we couldn't build enough shareholder value by making the price at which it seemed to in our judgment to be possible to buy it at, in which was increasing. And that's how we built the Company. We've looked at a lot of things, thousands of transactions over 50 years, and we've done several hundred.

但最終我們還是放棄了，因為我們認為，以我們認為可能的購買價格（當時價格還在上漲）無法創造足夠的股東價值。我們就是這樣建立起公司的。我們研究了很多東西，50 年來研究了數千筆交易，我們自己也做了幾百筆。

And that we have more times than not been able to increase shareholder value and -- if we can make those acquisitions work. So we're focused on Sky now. We think it's a great business, it will fit well, good use of capital. It's also unique, but I don't want to say anymore today. And hopefully that addressed a number of your issues.

而且我們大多數時候都能提高股東價值——如果我們能讓這些收購成功的話。所以我們現在專注於天空電視台。我們認為這是一個很棒的生意，它很適合我們，並且能很好地利用資金。它也很獨特，但我今天不想再多說了。希望這能解答您的一些疑問。

Okay. Thanks, Brian.

好的。謝謝你，布萊恩。

Jonathan Chaplin, New Street Research.

喬納森‧查普林，新街研究公司。

Two quick questions for Dave, if I may. So, the shift in trends in broadband this quarter from the last three quarters is really impressive. I'm wondering if you can just give us some context looking back over the last three quarters for what the drivers in slower growth where in terms of how much of it was a slowdown in overall market growth versus a step up in competition versus perhaps you guys just not being as focused on this piece of the business as you have been this quarter.

如果可以的話，我想問戴夫兩個問題。因此，本季寬頻趨勢與過去三個季度相比發生了令人印象深刻的變化。我想請您回顧過去三個季度，為我們提供一些背景信息，說明導致成長放緩的驅動因素有哪些，例如整體市場成長放緩、競爭加劇，還是您對這部分業務的關注度不如本季度。

And then the increase in EBITDA per customer relationship, is -- was really impressive as well. And we've had a thesis for a while that there is a lot more variable cost in the video business than maybe investors realize. How much of the improvement in margins that you are seeing is a function of, as video subscribers decline, there's just variable cost dropping out of the model, versus continued cost-cutting and streamlining that you're doing in that business? Thanks.

此外，每位客戶關係帶來的 EBITDA 成長也令人印象深刻。我們一直以來的觀點是，視訊產業的變動成本比投資人意識到的要多得多。您看到的利潤率提升有多少是由於視訊訂閱用戶減少導致可變成本從商業模式中消失，又有多少是由於您在該業務中持續進行的成本削減和精簡所致？謝謝。

Well, Jonathan, let me start with, again, one of the trends that we've seen that has continued very, very good retention performance in broadband. So while that's continuing, what has up-ticked has been the connect side of the business. And so, to some extent we did shift gears and have increased a little bit more focused, as Brian has mentioned and Mike, around the broadband only segment.

好的，喬納森，讓我再談談我們看到的一個趨勢，那就是寬頻用戶留存率一直非常非常高。所以，儘管這種情況仍在繼續，但業務中連接方面的成長卻有所增加。因此，在某種程度上，我們確實改變了策略，並像布萊恩和麥克提到的那樣，更加專注於寬頻領域。

We still package; we have a terrific package where we combine video, the best of video with the best of broadband. We're giving customers I think really good options in the marketplace today. And I think it's helping all the products. But it's broadband centric.

我們仍然提供套餐服務；我們有一個非常棒的套餐，將最好的視訊服務與最好的寬頻服務結合在一起。我認為我們為顧客提供了當今市場上非常好的選擇。我認為這對所有產品都有幫助。但它是以寬頻為中心的。

In addition, we have supplemented that with a strong focus around broadband only, so I think that has helped. But it's connected to just this constant focus of investing and the overall improvement in the -- of the broadband services. Every year we just keep coming back to it and offering more, and that's why I think we had record level retention performance.

此外，我們也專注於寬頻業務，我認為這起到了一定的作用。但這與持續加強投資力度以及寬頻服務的整體改善密切相關。我們每年都會不斷改進並提供更多服務，我認為這就是為什麼我們的用戶留存率達到了創紀錄的水平。

So, on the operating expense leverage, so the non-programming expense per customer relationship was down 2.6%. And so there are two things to me, that we stay very focused on cost control and, to your point, we have been talking about this, that we are absolutely seeing the financial benefits of the progress we are making in our efforts to improve the customer experience.

因此，就營運費用槓桿而言，每個客戶關係的非程式費用下降了 2.6%。所以對我來說有兩件事，一是我們要非常注重成本控制，二是正如您所說，我們一直在討論這個問題，我們確實看到了我們在改善客戶體驗方面所取得的進展所帶來的經濟效益。

This is the single best thing that we can do for our customers and it takes transactions out of the business. So what we're doing is just making it easier to do business with us. And when you take out just, as Brian said, the 10% reduction of the phone calls, 6% reduction of truck rolls -- this is because we're just staying on it all the time.

這是我們能為客戶做的最好的一件事，而且它還能簡化業務中的交易流程。所以我們所做的，只是為了讓與我們做生意變得更容易。正如布萊恩所說，即使只扣除電話數量減少 10% 和卡車出動次數減少 6%——這是因為我們一直在堅持不懈地努力。

It's another area of continuous improvement that we think is going to be -- it's important today, it will be important tomorrow and we're not going to stop. So, it is improving customer satisfaction as well. So, we think that this is sustainable, a very important part of margin and just how we run the business.

這是另一個需要持續改進的領域，我們認為它今天很重要，明天也很重要，我們不會停止。因此，這也提高了客戶滿意度。所以，我們認為這是可持續的，是利潤率中非常重要的一部分，也是我們經營業務的方式。

Thank you.

謝謝。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

I know the vMVPD is a hot topic and we're all trying to figure out what overall penetration will be of the entire Pay TV industry. Do you have any thoughts around where virtual MVPDs may end up as a percent of the total Pay TV industry? And is there some level of indifference that you may have because it ultimately helps your broadband business? That's the first question.

我知道虛擬多頻道視訊節目分銷商 (vMVPD) 是一個熱門話題，我們都在努力弄清楚整個付費電視行業的整體滲透率會是多少。您認為虛擬多頻道視訊節目分銷商（MVPD）最終會在整個付費電視產業中佔據多少比例？你是否對此抱持某種程度的漠不關心，因為這最終會幫助你的寬頻業務？這是第一個問題。

And then somewhat related to the last couple questions, your lower CapEx guide, I think it's due 100% to more efficiencies and not to a projection of lower subs. So if you could just confirm that.

還有一點與前幾個問題相關，關於您較低的資本支出指南，我認為這完全是由於效率提高，而不是因為預期用戶數量會減少。所以，如果你能確認一下就好了。

So let me start. In terms of virtual MVPDs, I don't think we going to have a -- as I said, give you a number, because we all can speculate. But I think your point, it actually is even -- I would broaden it and say it's true for NBCUniversal as well. One of our strategies is to have diversification in such a way that as new technologies come, it's not all or nothing and we're benefiting more than I think we're losing from that additional competition.

那麼，就讓我開始吧。就虛擬多頻道視訊節目分銷商而言，我認為我們不會——正如我所說，給出一個具體的數字，因為我們都可以進行猜測。但我認為你的觀點確實如此——我還要進一步說，這對 NBCUniversal 也同樣適用。我們的策略之一是實現多元化，這樣，隨著新技術的出現，我們就不會面臨非此即彼的選擇，而且我認為我們從這種額外的競爭中獲得的收益會大於損失。

If you'd look at the two businesses, to your point, clearly broadband is growing faster, as we keep saying, that -- in recent years. Why is that? Because video over the Internet is more reliable and more devices -- the 10 devices in a home and growing and more bits per consumer and more bits per home. All those are great trends for us. We'd like it all to be our bits, but if it's not, that's why we have integrated the Netflixes and the future integrations in YouTube and things we've done.

如果你看看這兩個行業，正如你所說，很明顯，近年來寬頻業務的成長速度更快，正如我們一直所說的那樣。這是為什麼？因為網路上的影片更可靠，而且設備更多——一個家庭中有 10 台設備，而且還在增加，每個消費者和每個家庭的比特數也更多。這些對我們來說都是非常好的趨勢。我們希望所有內容都由我們自己製作，但如果不能，這就是我們整合 Netflix 和未來整合 YouTube 以及我們所做的一切的原因。

Over at NBCUniversal they are able to have more distributors and are having more ways to sell individual shows to those distributors and having more packages of channels that they can sell to new packagers. So, I think it is a very dynamic time and we're uniquely positioned as a company to benefit from these changes.

NBC環球方面，他們擁有更多的分銷商，並且有更多方式向這些分銷商銷售單一節目，同時他們還有更多頻道套餐可以出售給新的套餐打包商。所以，我認為這是一個充滿活力的時代，而我們公司擁有獨特的優勢，能夠從這些變化中受益。

And we don't think they are all or nothing and going to happen overnight. This has been one of the most -- maybe the single most profitable year in television's history if you add up all the various piece parts. And that's true globally and that's true in the United States.

我們並不認為這些事情是非此即彼的，也不會在一夜之間發生。如果把所有組成部分加起來，今年可能是電視史上最賺錢的一年，甚至是最賺錢的一年。這一點在全球範圍內都適用，在美國也是如此。

And so, our strategy of trying to have our Company better positioned than maybe anybody else to take advantage of these shifts without having a bet that's so great that we could get something wrong, that's what's given us a sustainable, long-term track record of creation of value for shareholders, a good return, and we hope to do that in the future.

因此，我們的策略是努力使公司比其他任何人都更有能力利用這些變化，同時避免孤注一擲，以免出錯。正是這種策略使我們獲得了可持續的、長期的股東價值創造記錄和良好的回報，我們希望未來也能做到這一點。

So I make the CapEx side in terms of the question, in terms of video, as Mike said, we're improving the guidance 50 to 100 basis points versus the prior guidance of 50 basis points of improvement. And this is absolutely -- it does relate to mix shift. And yes, we're continuing to invest quite a bit in our infrastructure around broadband.

所以，就資本支出方面的問題而言，就影片而言，正如麥克所說，我們將預期提高 50 到 100 個基點，而先前的預期是提高 50 個基點。這絕對與混音轉換有關。是的，我們正在繼續增加對寬頻基礎設施的投資。

But there are less video customers, but we're also doing a good job with X1. We're highly penetrated with X1. So we're not going as proactively to that base. So it is video CPE that's less that is driving that.

但視訊用戶數量減少了，不過我們在 X1 方面也做得很好。X1 在我們這裡滲透率很高。所以我們並沒有積極主動地前往那個基地。所以，真正導致這種情況發生的是視訊 CPE 設備較少。

And that's really -- remember, we are at the late stages of penetration of X1, which has crossed now 60% penetration. So as we always said, once we get to a certain point, that will ease, and that's what you're seeing, offset by good investment back in the network for broadband with line extensions and business services investment on the capital side.

而且，請記住，我們正處於 X1 滲透的後期階段，其滲透率現在已經超過 60%。正如我們一直所說，一旦達到某個階段，這種情況就會緩解，而你現在看到的正是這種情況，這被對寬頻網路的良好投資所抵消，包括線路擴展和商業服務方面的資本投資。

Thank you.

謝謝。

John Janedis, Jefferies.

John Janedis，傑富瑞集團。

I had two. First, obviously you talked about the upfront, but can you talk more broadly about the demand you're seeing in terms of willingness of advertisers to buy across all of your platforms? And do you still see a slowing in the shift of budgets moving to digital?

我有兩個。首先，您顯然談到了預售情況，但您能否更廣泛地談談您目前看到的需求，例如廣告商在您所有平台上的購買意願？您是否仍然認為預算轉移到數位化的趨勢正在放緩？

And then separately, one of the themes this earnings season has been direct-to-consumer. So, understanding there may be a couple of options for you, I was hoping you would give -- you could give us more on your DTC strategy over the next, say, 12 to 24 months. Thank you.

此外，本財報季的一個主題是直接面向消費者的模式。所以，考慮到您可能有幾個選擇，我希望您能—您能在接下來的12到24個月裡，向我們詳細介紹您的DTC策略。謝謝。

So, it's hard to predict or hard to say exactly what percent of marketers' budgets are going to digital, but the television market remains very, very strong. And I think some of the strength is just because if you're trying to change a buyer's opinion, there's nothing better than a TV spot. There has been nothing created on the Internet that is as compelling in terms of changing a person's mind about a brand as a television spot in a great show watched by millions and millions of people.

因此，很難預測或準確地說出行銷人員預算中有多少百分比會投入到數位領域，但電視市場仍然非常非常強勁。我認為其部分優勢在於，如果你想改變買家的想法，沒有什麼比電視廣告更好的方法了。在網路上，沒有任何東西能像在擁有數百萬觀眾的熱門節目中投放的電視廣告那樣，對改變人們對品牌的看法產生如此強大的影響。

And what we're finding is the breadth of our offering -- we have over 20% of all the rating points in the United States. The breadth of that offering is allowing Linda Yaccarino and our sales team to go to market and provide integrated solutions for advertisers across all of those networks, and also across all of our digital properties and all of the other digital properties that Linda is selling. We have deals with Apple and AOL, Buzzfeed and Vox.

我們發現，我們的產品和服務覆蓋率非常廣——我們在美國擁有超過 20% 的評分點。憑藉如此廣泛的產品和服務，琳達·亞卡里諾和我們的銷售團隊能夠進入市場，為所有這些網路的廣告商提供整合解決方案，同時也能為我們所有的數位資產以及琳達正在銷售的所有其他數位資產提供服務。我們與蘋果、AOL、Buzzfeed 和 Vox 都有合作協議。

So, that combination we think is proving to be very valuable despite the fact that obviously people like Google and Facebook are achieving gigantic ad sales. And in terms of direct-to-consumer, I think there's a feeling right now that everybody is completely focused on Netflix.

所以，儘管像谷歌和臉書這樣的公司顯然獲得了巨額廣告銷售額，但我們認為這種組合仍然非常有價值。就直接面對消費者而言，我認為目前大家的注意力都完全集中在 Netflix 上。

The vast majority of television viewing is not streaming. The vast majority of television viewing is not Netflix or Amazon or Hulu. The vast majority of television viewing continues to be linear television for big events -- particularly for big events. Our future I think is selling wherever consumers are. If they are watching linear, if they're watching streaming, if they're watching any different kind of platform, cable or broadcast.

絕大多數電視觀看並非透過串流媒體進行。絕大多數電視觀眾並非透過 Netflix、亞馬遜或 Hulu 等串流平台觀看節目。絕大多數電視觀眾仍然透過線性電視觀看重大事件——尤其是重大事件。我認為我們的未來在於哪裡有消費者，就賣到哪裡。無論是觀看線性電視、觀看串流媒體，或是觀看任何其他類型的平台，無論是有線電視還是廣播電視。

And so, we're trying to position our Company to make sure that all those avenues are open and that we intelligently look at those avenues and maximize the profitability of our video business. And that's -- to me, that's the kind of strategy that leads to a successful company, and that's the path that we're on.

因此，我們正在努力調整公司定位，確保所有這些途徑都暢通無阻，並且我們將明智地審視這些途徑，最大限度地提高我們視訊業務的盈利能力。在我看來，這才是能夠成就一家成功公司的策略，而這正是我們正在走的路。

Thank you.

謝謝。

Doug Mitchelson, Credit Suisse.

道格·米切爾森，瑞士信貸。

So, your update to cable CapEx guidance brings into focus the debate on long-term capital intensity for the cable business. I was just wondering, as you look out over the next few years, are there any sort of big projects -- you're obviously coming off of X1 -- that we should be focused on? I know you often get the fiber to the home question; how should we think about those next few years and the long-term capital intensity?

因此，您更新的有線電視資本支出指導意見，使人們更加關注有線電視業務的長期資本密集度問題。我只是想問一下，展望未來幾年，您認為有哪些大型專案——顯然您剛剛完成了 X1——是我們應該重點關注的？我知道您經常會遇到關於光纖到府的問題；我們應該如何看待未來幾年以及長期資本密集度？

And then for Steve, I just wanted to make sure I got the stats right. And then I have another question, which is I think many of your competitors are saying the upfront had double-digit CPM price increases, and I think Brian indicated in his prepared remarks that NBC had high single digits, and you said you led the market. So I think all of what you're saying is consistent with what I was hearing from advertisers, but I just wanted to make sure I had that right relative to what some competitors are saying.

至於史蒂夫，我只是想確保統計數據準確無誤。我還有一個問題，我認為你們的許多競爭對手都表示，預售價格 CPM 上漲了兩位數，而我認為布萊恩在事先準備好的發言稿中指出，NBC 的漲幅只有個位數，而你們則表示你們引領了市場。所以我覺得你說的這些都和我從廣告商那裡聽到的一致，但我只是想確認一下，相對於一些競爭對手的說法，我的理解是否正確。

And the other question for Steve is just any update on 3Q Theme Park pacings given the dynamics around the second quarter related to the holiday timing? Thanks.

另一個要問史蒂夫的問題是，鑑於第二季與假期時間相關的動態，能否提供一下第三季主題樂園營運進度的最新資訊？謝謝。

Thanks, Doug. It's Mike. I'll start on cable capital intensity and Dave can jump in. But we'll come back and do our annual guidance in January. But just to go at the question, I think that the trends that -- and factors that affected, are affecting the lower capital intensity that we saw in the first half of the year are ones that are enduring, sustainable. And so, I think that's a takeaway you can have. And I'd leave it there.

謝謝你，道格。是麥克。我先從有線電視資本密集度說起，Dave 可以接著說。但我們會在一月回來發布年度業績指引。但就這個問題而言，我認為影響今年上半年資本密集度下降的趨勢和因素是持久的、可持續的。所以，我認為這是你可以從中得到一些啟發。我就說到這兒吧。

I would only offer -- I'll end with where we started, that we have continuously focused on the connectivity business, Business Services, proactive bills, infrastructure around broadband capacity. So, because of that, it's just a more steady investment plan. And so, that -- we'll talk more later, but that's from the cable side.

我只想補充一點——最後我想回到我們最初的地方，那就是我們一直專注於連接業務、商業服務、主動計費以及圍繞寬頻容量的基礎設施。所以，正因如此，它才是一個更穩健的投資計畫。所以，這一點——我們稍後再詳細討論，但這是來自有線電視方面的情況。

Some more specifics about the upfront. NBC prime was actually up over 11% and in our total, I think we said high single digits. And we're pretty confident that we're leading the market, particularly on the NBC side. And there may be some cable channels that have higher growth rates than some of our cable channels, but in general I'm pretty confident that we led the market.

關於預付款的更多細節。NBC黃金時段的收視率實際上增長了11%以上，而我們整體的增幅，我想我們說的是接近兩位數。我們非常有信心，我們在市場上處於領先地位，尤其是在NBC方面。或許有些有線電視頻道的成長率高於我們的一些有線電視頻道，但總的來說，我很有信心我們引領了市場。

In terms of parks, parks are doing fine. There are going to be quarters which are stronger than others due to new attractions or hotel openings, but we feel very pleased about our parks business. We have had some poor weather in Osaka and to a degree in the US parks as well, but parks are doing fine.

就公園而言，一切都很好。由於新景點或酒店的開業，某些季度的業績會比其他季度更好，但我們對我們的公園業務感到非常滿意。大阪最近天氣不太好，美國的一些公園也受到了一定程度的影響，但公園目前狀況良好。

Great, thank you.

太好了，謝謝。

All right. Well, Doug, thank you very much. Regina, we'll end the call there. Thanks.

好的。道格，非常感謝你。雷吉娜，我們通話到此結束。謝謝。

There will be a replay of available of today's call starting at 12 o'clock PM Eastern Time. It will run through Thursday, August 2, at midnight Eastern Time. The dial-in number is 855-859-2056, and the conference ID number is 7673099.

今天電話會議的錄音將於美國東部時間下午 12 點開始重播。活動將持續到美國東部時間8月2日星期四午夜。撥入號碼為 855-859-2056，會議 ID 號碼為 7673099。

A recording of the conference call will also be available on the Company's website beginning at 12:30 PM Eastern Time today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

本次電話會議的錄音將於今天美國東部時間下午 12:30 起在公司網站上提供。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。