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.

女士們先生們，早上好，歡迎參加康卡斯特 2018 年第二季度財報電話會議。

(Operator Instructions).

（操作員說明）。

Please note that this conference call is being recorded.

請注意，本次電話會議正在錄音中。

I will now turn the call over to Senior Vice President Investor Relations, 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 Brian Roberts, Mike Cavanagh, Steve Burke and Dave Watson.

和我一起參加今天早上的電話會議 Brian Roberts、Mike Cavanagh、Steve Burke 和 Dave Watson。

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

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

As always, let me now refer you to slide number 2, which contains our Safe Harbor disclaimer, and remind you, this conference call may include forward-looking statements subject to certain risks and uncertainties.

與往常一樣，現在讓我請您參閱第 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。

I'm really pleased with our quarterly results and let me reiterate something that perhaps has been lost in recent months.

我對我們的季度業績感到非常滿意，讓我重申最近幾個月可能丟失的一些東西。

We have a unique and special company with a terrific team and great operating momentum.

我們擁有一家獨特而特殊的公司，擁有一支優秀的團隊和良好的經營勢頭。

These excellent second-quarter results underscore all of this.

這些出色的第二季度業績突顯了這一切。

We generated robust free cash flow of $4.3 billion along with healthy EBITDA and earnings per share growth.

我們產生了強勁的 43 億美元自由現金流以及健康的 EBITDA 和每股收益增長。

At Cable Communications we've talked a lot about the pivot we've made in our business towards connectivity.

在 Cable Communications，我們談了很多關於我們在業務中向連接性所做的轉變。

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.

它越來越成為我們與住宅客戶關係的焦點；它是我們業務服務增長的驅動力；這是我們投資資本支出的地方，以繼續區分和擴大我們的網絡領導地位。

We delivered strong results in the second quarter that reflect this strategy with successful execution.

我們在第二季度取得了強勁的業績，這反映了這一戰略的成功執行。

Cable EBITDA increased 6.5% and Cable net cash flow, which is EBITDA less total capital, improved over 16%.

有線電視 EBITDA 增長 6.5%，有線電視淨現金流（即 EBITDA 減去總資本）增長超過 16%。

Fueling these results, our connectivity business, Residential Broadband and Business Services collectively grew revenue nearly 10%.

推動這些結果，我們的連接業務、住宅寬帶和商業服務的收入共同增長了近 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.

我們增加了 182,000 個淨新客戶關係，這是由 260,000 個寬帶淨增加量推動的，這是 10 年來最好的第二季度，因為我們通過 XFi 產品的速度、覆蓋和控制來專注於創新和差異化，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.

在商業服務方面，我們繼續看到中小型和企業客戶群的增長。

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.

Dave Watson 和他的團隊做得非常出色，我們在連接業務中看到了巨大的進一步機會，繼續分享和發展。

In video the team continues to adapt to a changing marketplace.

在視頻中，團隊繼續適應不斷變化的市場。

As anticipated, continuing competition from virtual MVPDs contributed to our 140,000 video customer net losses in the second quarter.

正如預期的那樣，來自虛擬 MVPD 的持續競爭導致我們第二季度的 140,000 名視頻客戶淨虧損。

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.

我們仍然專注於我們可以盈利的細分市場，作為與以整體家庭體驗為中心的客戶建立更廣泛關係的一部分。

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.

我們一流的 X1 平台也通過將最佳內容從線性電視聚合到 Netflix、YouTube、Pandora 等第三方應用程序來實現這一目標；集成 xFi 和 Xfinity Home 等其他服務，並添加我們最近推出的 Fandango 聲控電影票務體驗等功能。

We expect to announce more integrations with X1 in the quarters ahead.

我們預計將在未來幾個季度宣布與 X1 的更多集成。

We're also pleased with the performance of our newest product, Xfinity Mobile.

我們也對我們最新產品 Xfinity Mobile 的性能感到滿意。

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.

自推出以來的一年多時間裡，我們已經簽約了超過 780,000 條線路，並且對迄今為止的結果和客戶反應以及無線對我們與客戶的整體關係產生積極影響的早期跡象感到鼓舞。

Finally, we are making progress in improving the customer experience and offering more ways to interact with us digitally.

最後，我們在改善客戶體驗和提供更多與我們進行數字互動的方式方面取得了進展。

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.

在第二季度，我們的座席處理的電話減少了 10%，並且以數字方式完成的客戶交互部分同比增長了兩位數。

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.

我們每個產品類別的客戶滿意度都在上升，客戶流失率也在下降，包括寬帶領域 10 多年來第二季度的最低水平。

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.

我們專注於讓客戶服務成為我們最好的產品開始真正帶來回報，我為我們迄今為止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.

在 NBCUniversal，第二季度 EBITDA 增長了 4%，因為我們有線網絡業務的特殊實力抵消了電影行業預期的艱難比較。

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.

總體而言，我們業務的基本趨勢非常健康，有許多令人興奮的亮點，例如 Telemundo 世界杯，一直持續到第三季度；侏羅紀世界墮落王國，有望成為有史以來票房最高的 15 部電影之一；以及最近在我們的主題公園開放的幾個新景點。

Our Cable Networks and Broadcast TV businesses collectively increased EBITDA by 9%.

我們的有線電視網絡和廣播電視業務共同將 EBITDA 提高了 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.

我們的大型活動戰略的力量和對我們內容的強勁需求正在推動持續的轉播和附屬收入勢頭、內容許可的增長和可靠的廣告，這反映了第二季度 MSNBC 和世界杯的實力。

Telemundo set numerous records throughout the tournament, including the network's highest ratings ever during Mexico's thrilling win over Germany.

Telemundo 在整個比賽期間創造了許多記錄，包括在墨西哥驚險戰勝德國期間該網絡的最高收視率。

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.

它的數字演示也非常出色，產生了創紀錄的 1.3 億次直播，使其成為歷史上最大的西班牙語直播體育賽事。

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.

NBC 廣播以 30 年來最大的優勢贏得了最近結束的 9 月至 5 月賽季，並有望連續第五年贏得整個 52 週的賽季。

And MSNBC continued its impressive performance now solidly ahead of CNN in primetime and closing the gap with Fox News.

MSNBC 繼續其令人印象深刻的表現，現在在黃金時段穩居 CNN 之前，並縮小了與福克斯新聞的差距。

I'm not sure enough focus has been paid to MSNBC and the incredible progress it has made.

我不確定是否對 MSNBC 及其取得的令人難以置信的進展給予了足夠的關注。

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.

為了強調所有這些精彩內容對廣告商的重要性和價值，我們剛剛完成了另一項出色的前期工作，實現了高個位數的定價收益以及 5% 的數量承諾增長。

We also achieved 25% growth in upfront digital sales, reflecting our strength across viewership platforms.

我們還實現了 25% 的前期數字銷售增長，這反映了我們在收視平台上的實力。

Turning to theme parks, EBITDA is up 12% through the first half of the year.

談到主題公園，今年上半年的 EBITDA 增長了 12%。

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.

我們出色的團隊繼續成功執行其戰略，在我們的公園開設新景點，下半年將受益於日本夜間巡遊、好萊塢功夫熊貓和奧蘭多速度與激情增壓的近期開幕。

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.

增加酒店客房也是奧蘭多的主要推動力，我們很高興 Aventura 酒店在幾週內開業，使酒店內客房總數超過 6,000 間，與五年前相比增加了 2.5 倍，還有更多的成長能力。

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.

如您所見，我們上半年表現出色，第二季度表現非常強勁，公司各個部門都表現出實力。

With that, let me turn it over to Mike.

有了這個，讓我把它交給邁克。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

I'll begin on slide 4 with our second-quarter consolidated results.

我將從幻燈片 4 開始，介紹我們第二季度的綜合結果。

Revenue increased 2.1% to $21.7 billion.

收入增長 2.1% 至 217 億美元。

Adjusted EBITDA increased 4.8% to $7.4 billion, reflecting solid growth of 6.5% and 4.2% at Cable and NBCUniversal, respectively.

調整後的 EBITDA 增長 4.8% 至 74 億美元，反映出有線電視和 NBCUniversal 分別實現了 6.5% 和 4.2% 的穩健增長。

The corporate and other segment results included an EBITDA loss of $185 million for Xfinity Mobile.

公司和其他部門的業績包括 Xfinity Mobile 的 EBITDA 虧損 1.85 億美元。

Adjusted earnings per share increased 25% to $0.65 for the quarter.

本季度調整後每股收益增長 25% 至 0.65 美元。

And finally, free cash flow was $4.3 billion in the quarter, bringing the first half total to $7.4 billion.

最後，本季度的自由現金流為 43 億美元，使上半年總額達到 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%.

現在讓我們轉向本季度的細節，從幻燈片 5 上的有線電視通信結果開始。收入增長 3.4%，EBITDA 增長 6.5%，導致利潤率同比提高 120 個基點，達到 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.

這些結果反映了該業務強勁的潛在增長，還包括今年第二季度稅收結算和颶風保險收益帶來的收益，這些收益合計對 EBITDA 增長的貢獻略低於 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.

客戶關係同比增長 2.8% 至 2,980 萬，其中第二季度淨增加 182,000。

On a per relationship basis, revenue increased 0.7% and EBITDA increased 3.7%.

按關係計算，收入增長 0.7%，EBITDA 增長 3.7%。

As a Brian said, we are undergoing a strategic shift in our business.

正如布賴恩所說，我們的業務正在發生戰略性轉變。

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.

來自虛擬 MVPD 的視頻競爭仍然充滿挑戰，導致本季度住宅視頻客戶流失 136,000 名，視頻收入下降 1.9%。

We expect this pressure to continue as the virtual players continue to ramp up their marketing.

隨著虛擬玩家繼續加大營銷力度，我們預計這種壓力將繼續存在。

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.

然而，我們強勁的電纜總業績突顯了我們成功轉向高利潤連接業務、住宅高速互聯網和商業服務。

High-speed Internet revenue increased 9.3% to $4.3 billion, again the largest contributor to overall cable growth.

高速互聯網收入增長 9.3% 至 43 億美元，再次成為整體有線電視增長的最大貢獻者。

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.

過去一年，我們的住宅寬帶客戶群增加了 110 萬，其中本季度新增 226,000 名淨新客戶。

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.

正如這些穩健的結果所表明的那樣，我們在競爭中表現出色，因為我們通過提高速度和在我們的足跡、我們的高級網關和超過 1900 萬個熱點中推出我們的產品以實現最佳進出- 通過 xFi 實現家庭 Wi-Fi 覆蓋和獨特的家庭網絡控制元素。

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.

此外，我們在當前市場中調整方法的方法之一是積極推銷僅限寬帶的套餐，這將在今年下半年繼續。

The increasing importance and value of broadband to our customers is clear.

寬帶對我們客戶的重要性和價值越來越明顯。

Our customers' median monthly data usage on our network now exceeds 150 gigabytes for the first time.

我們的客戶在我們網絡上的每月數據使用量中值現在首次超過 150 GB。

Additionally, our xFi customers are connecting an average of 11 devices in the home over Wi-Fi daily.

此外，我們的 xFi 客戶平均每天在家中通過 Wi-Fi 連接 11 台設備。

Business Services delivered another quarter of double-digit growth with revenue increasing 11.1% to $1.8 billion.

商業服務實現了又一個季度的兩位數增長，收入增長 11.1% 至 18 億美元。

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%.

商業客戶關係同比增長 6% 至 220 萬，其中本季度淨增加 36,000，每個商業客戶關係的收入增長 4.6%。

Connectivity is at the core of our relationship with customers on the Business side as well.

連通性也是我們與業務方面客戶關係的核心。

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.

提供千兆速度並將光纖深入我們的網絡，使我們能夠繼續在小型企業、以太網客戶和我們的企業領域贏得份額。

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，我們寬帶服務的競爭和戰略定位及其對住宅和商業客戶的價值不斷增加，以及我們對持續寬帶採用、新家庭建設和將我們的網絡擴展到我們足跡內的新商業地點的期望都表明我們的連接業務實現可持續增長。

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.

正如布賴恩所說，我們有線電視捆綁中的最新產品 Xfinity Mobile 在本季度末擁有 780,000 條客戶線路，本季度淨增加了 204,000 條線路。

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.

我們的企業和其他部門錄得 1.85 億美元的 EBITDA 虧損反映了我們在訂戶獲取方面的持續增長以及與開展這項業務相關的增量運營成本。

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，但我們對我們看到的早期跡象感到滿意，包括按計劃與無限計劃的混合、自帶設備的影響以及移動設備與我們的高品質雙倍和三倍的連接玩捆綁包。

Now turning to cable expense and margin on slide 6. Total cable expenses increased 1.4% driven by 3.3% growth in programming costs.

現在轉向幻燈片 6 上的有線電視費用和利潤率。在節目成本增長 3.3% 的推動下，總有線電視費用增長了 1.4%。

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.

非編程成本與去年相比持平，按每個客戶關係計算下降 2.6%，這反映了我們對成本控制的持續關注，以及我們在努力改善客戶體驗方面所取得的財務收益。

In particular, our customer service expenses declined almost 1% even as our customer base was 2.8% higher year-over-year.

特別是，我們的客戶服務費用下降了近 1%，儘管我們的客戶群同比增長了 2.8%。

Additionally, the tax settlement and insurance proceeds that I mentioned earlier together reduced non-programming expands cost growth by approximately 1 point.

此外，我之前提到的稅收結算和保險收益一起減少了非編程，將成本增長擴大了大約 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.

綜上所述，有線電視 EBITDA 增長 6.5% 至 56 億美元，利潤率為 41.1%，與去年第二季度相比上升 120 個基點。

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.

基於我們年初至今的強勁表現和我們對下半年的展望，我們認為全年利潤率可能比去年高出 50 至 100 個基點，這比我們之前高達 50 個基點的指導有所改善點更高。

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.

有線電視資本支出下降 9.7% 至 18 億美元，這反映了客戶端設備支出的下降，因為 X1 現在已部署到我們超過 60% 的住宅視頻客戶。

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.

這一下降部分被用於覆蓋更多商業和住宅客戶地址的線路擴展支出增加以及對我們網絡的持續投資所抵消，這與我們持續專注於推動我們的連接業務相一致。

Cable CapEx intensity was 12.9% in the second quarter.

第二季度有線電視資本支出強度為 12.9%。

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.

對於全年，我們現在預計與去年相比，資本支出強度有利可圖 50 至 100 個基點，比我們之前高達 50 個基點的指導有所改善。

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.

由我們強勁的連接結果和對成本控制的關注推動的整體健康的 EBITDA 增長和利潤率擴張，再加上隨著我們業務組合的不斷轉變，有線電視資本支出減少，推動本季度有線電視淨現金流增長 16%。

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

現在讓我們繼續討論 NBCUniversal 的結果。

On slide 7, NBCUniversal's revenue of $8.3 billion was consistent with the prior year and EBITDA increased 4.2% to $2.2 billion.

在幻燈片 7 中，NBCUniversal 的收入為 83 億美元，與上一年持平，EBITDA 增長 4.2% 至 22 億美元。

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.

這些結果反映了我們電視業務的強勁增長和附屬費用以及轉播、強勁的廣告增長以及我們主題公園的穩健業績，儘管與春季假期的時間進行了難以比較。

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.

這些增長動力部分被與去年電影片單的艱難比較的預期影響以及與 Telemundo 轉播 FIFA 世界杯相關的節目和製作成本所抵消。

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.

Cable Networks 的收入增長 8.2% 至 29 億美元，EBITDA 增長 12.5% 至 12 億美元，這得益於更高的附屬費用、內容許可和 MSNBC 廣告銷售。

Distribution revenue grew 8.7%, primarily reflecting the continued benefit of previous renewal agreements.

分銷收入增長 8.7%，主要反映了先前續約協議的持續收益。

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.

由於虛擬 MVPD 的採用推動了近期 1.5% 至 2% 的下降趨勢，我們有線電視網絡的訂戶在本季度下降了不到 1%。

Content licensing and other revenue increased 22.5% due to the timing of content provided under current arrangements and new licensing deals.

由於根據當前安排和新的許可協議提供內容的時間安排，內容許可和其他收入增長了 22.5%。

Advertising increased 3.6%, reflecting another outstanding quarter for MSNBC, as well as strong overall pricing that was partially offset by ratings declines.

廣告增長 3.6%，反映了 MSNBC 又一個出色的季度，以及強勁的整體定價，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.

廣播電視收入增長 6.7% 至 24 億美元，反映出廣告增長和轉播收入增加。

Advertising revenue increased 9.2% driven by Telemundo's broadcast of the World Cup.

在 Telemundo 轉播世界杯的推動下，廣告收入增長了 9.2%。

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.

排除世界杯的影響，廣告將與我們最近的基本趨勢一致，與去年同期相比基本持平。

Retrans revenue increased about 20% to $437 million.

Retrans 收入增長約 20%，達到 4.37 億美元。

Broadcast EBITDA of $417 million was consistent with prior year due to programming and production costs associated with the World Cup.

由於與世界杯相關的節目製作和製作成本，4.17 億美元的廣播 EBITDA 與上一年持平。

Excluding the World Cup, EBITDA would have increased by high single digits.

不包括世界杯，EBITDA 將增長高個位數。

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.

電影收入下降 20.2%，EBITDA 下降 52.1% 至 1.38 億美元，這反映了 2018 年影院上映的規模和時間安排以及早期上映的有限結轉。

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.

正如預期的那樣，這與 2017 年第二季度《侏羅紀世界墮落王國》以及去年成功發行的《Sing、Split 和 Get Out .

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.

最後，主題公園的收入增長了 3.6% 至 14 億美元，EBITDA 增長了 3.4% 至 5.69 億美元，儘管與去年第二季度集中的春假時間進行了比較，並受益於我們第一季度的業績。今年。

On a year-to-date basis, which smooths out the spring break timing differences, revenue increased 8.6% and EBITDA increased 12.3%.

在消除春假時間差異的年初至今，收入增長了 8.6%，EBITDA 增長了 12.3%。

So let's finish up on slide 8 with return of capital.

因此，讓我們以資本回報結束幻燈片 8。

As I mentioned earlier, we generated $4.3 billion of free cash flow in the quarter.

正如我之前提到的，我們在本季度產生了 43 億美元的自由現金流。

We returned $2.1 billion to shareholders in the second quarter, including $878 million of dividends and $1.25 billion of share repurchases.

我們在第二季度向股東返還了 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。

We remain committed to repurchasing at least $5 billion of stock in 2018.

我們仍然致力於在 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.

最後，我們以 2.1 倍 EBITDA 的淨槓桿率結束本季度，我們繼續將淨槓桿率維持在 2.2 倍左右。

We value our current credit ratings.

我們重視我們目前的信用評級。

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 Sky，我們產生的大量自由現金流將使我們能夠按照我們認為與評級機構的預期一致的時間表去槓桿化，但我們當然不能代表他們說話。

In closing, to reiterate what Brian said, this strength and momentum of our underlying business has probably been underappreciated in recent months.

最後，重申布賴恩所說的話，我們基礎業務的這種實力和勢頭在最近幾個月可能被低估了。

We are pleased to again report great quarterly results that support this.

我們很高興再次報告支持這一點的出色季度業績。

I'm confident in our trajectory and believe we are well positioned for the future.

我對我們的發展軌跡充滿信心，並相信我們已為未來做好準備。

Now I'll give it back to Jason for Q&A.

現在我會把它還給 Jason 進行問答。

Okay.

好的。

Thanks, Mike.

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).

（操作員說明）。

Ben Swinburne, Morgan Stanley.

本·斯威本，摩根士丹利。

Two questions.

兩個問題。

Brian, I think it was about nine months ago or so where you started to talk about your business as a connectivity business.

布賴恩，我想大約是在大約九個月前，您開始將您的業務作為連接業務進行討論。

And that may have faded in the background a bit over the last several months given everything else that's been going on.

考慮到正在發生的所有其他事情，在過去的幾個月裡，這可能已經在背景中消失了一點。

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.

但我想知道你是否可以回到戰略和進入市場的轉變，談談這對康卡斯特在資本配置、你正在建造的產品、你的產品管道方面的意義，無論是在寬帶方面和視頻。

And related to this shift, maybe for Mike or Dave, what does this mean for the return on capital for the business?

與這種轉變有關，也許對於邁克或戴夫來說，這對企業的資本回報意味著什麼？

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.

我們研究了這些利潤率趨勢和資本密集度趨勢，並且肯定表明，由於這種轉變，整個模式正在成為一項更高回報的業務。

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.

我不想過度分析上半年的情況，所以如果可以的話，我很想听聽你對這種轉變如何影響業務回報的看法。

Okay.

好的。

Well, thank you, Ben.

嗯，謝謝你，本。

Let me start and then kick it over to Dave, maybe, for a little bit of his perspective.

讓我開始，然後把它交給戴夫，也許，為了他的一點觀點。

First of all, doing great job taking this Company that we built and recognizing times are changing.

首先，我們建立的這家公司做得很好，並且認識到時代正在發生變化。

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越來越快的寬帶和更大的容量，這給了我們一些絕佳的機會來進行投資，以利用我們的工程師和技術團隊建立的創新機制，並將其部分重新用於通過我們的 xFi 產品專注於寬帶創新和我們的 xFi 品牌。

So the whole Company understands that connectivity, same with Business Services.

因此，整個公司都了解這種連通性，商業服務也是如此。

And so, it starts with everyone understanding that that's the opportunity and then trying to be best-in-class.

因此，首先每個人都明白這是機會，然後努力成為一流的。

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.

我認為我們的一些競爭對手專注於其他事情，這讓我們有機會進行這些投資並看到消費者對產品感到滿意。

And so, I think today's results -- we are hopeful they can continue in the future.

所以，我認為今天的結果——我們希望它們能在未來繼續下去。

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.

我們沒有比其他人更好的水晶球，但我們對今年上半年的勢頭非常有信心。

And this is the best second quarter, which is seasonally not your strongest quarter, that we've had in 10 years.

這是我們 10 年來最好的第二季度，不是季節性最強的季度。

So I think that's a great achievement.

所以我認為這是一個了不起的成就。

Dave?

戴夫？

Well, Ben, it starts with what Brian said.

嗯，本，從布賴恩說的開始。

I think that our number one priority is growing the connectivity side of the opportunities that we have.

我認為我們的首要任務是增加我們所擁有機會的連通性。

So how we invest, how we manage, how we look at the product pipeline, it starts with literally everything around broadband.

因此，我們如何投資、我們如何管理、我們如何看待產品管道，它從字面上圍繞寬帶的一切開始。

And given our current penetration level, we feel that there is considerable upside in growing share in broadband.

鑑於我們目前的滲透水平，我們認為寬帶份額的增長有相當大的上升空間。

So the market is growing, people want better broadband, we deliver a better broadband service and we're taking share.

所以市場在增長，人們想要更好的寬帶，我們提供更好的寬帶服務，我們正在分一杯羹。

So feel good about this quarter.

所以對這個季度感覺很好。

This is our highest second quarter broadband in 10 years, as Brian said, and it's driven by strong connects, really strong retention performance.

正如布賴恩所說，這是我們 10 年來第二季度最高的寬帶，這是由強大的連接驅動的，非常強大的保留性能。

And that ties to this continuous investment in the category.

這與對該類別的持續投資有關。

This just didn't happen overnight.

這不是一夜之間發生的。

We have been very focused on broadband in the connectivity side, both residential and commercial, for some time.

一段時間以來，我們一直非常關注連接方面的寬帶，包括住宅和商業。

And so, every year we have gone to our residential customers and 17 years in row have increased their speeds.

因此，每年我們都會拜訪我們的住宅客戶，並且連續 17 年提高了他們的速度。

And our focus is delivering speed, coverage and control all under the xFi brand.

我們的重點是在 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.

目前，我們 75% 的客戶擁有 100 兆位或更高的速度，我們平均在一個家庭中使用我們的 Wi-Fi 連接大約 11 台設備。

So coverage and the investment around gateway devices and Wi-Fi mesh is very important.

因此，覆蓋和圍繞網關設備和 Wi-Fi Mesh 的投資非常重要。

And we've launched 1 gig virtually across the entire footprint.

我們幾乎在整個足跡中推出了 1 場演出。

So I think that's why our retention and the churn performance is doing well.

所以我認為這就是我們的留存率和流失率表現良好的原因。

We keep adding value to the subscription.

我們不斷為訂閱增加價值。

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.

因此，此外，從營銷的角度來看，我們的重點是細分市場，我們正在追求多個細分市場和包裝，但我們已經增加了對僅高速細分市場的關注，這確實有助於推動事情發展。

So, from a capital standpoint, let Mike jump in, but we -- this reflects the shift in mix that -- less video CPE, more broadband infrastructure.

所以，從資本的角度來看，讓邁克加入，但我們 - 這反映了組合的轉變 - 更少的視頻 CPE，更多的寬帶基礎設施。

This is good for not only capital, it's good for margins, it's good for overall growth.

這不僅有利於資本，也有利於利潤率，也有利於整體增長。

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.

對我來說，這讓我們處於一個非常好的位置，我對寬帶在下半年可以為我們做些什麼感到非常樂觀。

Mike?

麥克風？

Yes, thanks, Dave.

是的，謝謝，戴夫。

So Ben, just on the capital return dynamics, completely consistent with this pivot to connectivity.

因此，Ben，就資本回報動態而言，完全符合這種轉向連接性的樞紐。

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.

您認為 Dave 和團隊正在做的是真正專注於在客戶層面上提高 EBITDA 並提高每位客戶的終生盈利能力。

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.

很明顯，寬帶越是成為板塊產品的中心，從這裡的結果可以看出，這是一個利潤率更高、資本密集度更低的產品。

So that shift is -- you're seeing that in the numbers and what Dave is doing is sustainable looking ahead.

所以這種轉變是——你在數字中看到了這一點，而戴夫正在做的是可持續的展望。

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.

然後讓該團隊真正管理視頻，因為我敢肯定，戴夫會談論更多，以一種我們不會追逐低盈利視頻的方式。

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.

而且 - 但是因為我們可以通過其他方式在客戶層面推動更好的結果，並且它塑造了添加其他產品的努力，例如 Xfinity Mobile，我們在一開始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.

無論如何，我們希望這可以在每個客戶層面增加一些增量盈利能力，並希望從長遠來看，保持現有業務的低流失率。

So, all those factors together make us feel very confident about the long-term trajectory and the return dynamics of Dave's business.

因此，所有這些因素加在一起讓我們對戴夫業務的長期發展軌跡和回報動態充滿信心。

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.

另外一件事，Ben，在談到每位客戶的盈利能力時，除了 260,000 強——市場份額的強勁增長，我們同樣專注於推動率和收入，因為它只是一個偉大的產品。

So, our focus has been on ARPU growth is well.

因此，我們的重點一直是 ARPU 增長良好。

So if you look at the quarter, we have been grown ARPU by almost 5% in HSD broadband.

因此，如果您查看本季度，我們在 HSD 寬帶方面的 ARPU 增長了近 5%。

So it's a good balance between the two and that's how we look on our returns as well.

所以這是兩者之間的良好平衡，這也是我們看待回報的方式。

Thank you all for the color.

謝謝大家的顏色。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·萊夫·科恩，美銀美林。

Just a follow-up to what Dave just said and then I have an NBCU question.

只是對戴夫剛才所說的話的跟進，然後我有一個 NBCU 的問題。

So given the dynamics of broadband, the demands usage, etc., and pricing power, would you reconsider ever going to usage-based pricing?

因此，考慮到寬帶的動態、使用需求等以及定價能力，您是否會重新考慮採用基於使用的定價方式？

And if not, why not?

如果沒有，為什麼不呢？

And then on the NBCU side, I guess two questions.

然後在 NBCU 方面，我想有兩個問題。

Addressable advertising still seems to be the key to making progress for traditional media companies versus the pure digital companies.

與純數字公司相比，可尋址廣告似乎仍然是傳統媒體公司取得進步的關鍵。

Can you talk about what needs to be done and when it will be done to really drive that?

你能談談需要做什麼以及什麼時候做才能真正推動這一點嗎？

And secondly on Theme Parks, Universal filed in mid-June with the patent office for the name Fantastic Worlds.

其次，在主題公園方面，環球影業於 6 月中旬向專利局申請了 Fantastic Worlds 的名稱。

Is that an indication that you are planning another gate in Orlando?

這是否表明您計劃在奧蘭多開設另一扇門？

Could you talk about plans for -- and timing on that?

你能談談計劃和時間安排嗎？

And then on China, any update that you can give us?

然後關於中國，您可以給我們提供任何更新嗎？

Do you expect any backlash from some of the trade issues going on between US and China?

您是否預計美中之間的一些貿易問題會引起反彈？

Any progress that you can talk about?

有什麼進展可以談嗎？

Thanks.

謝謝。

Jessica, let me start.

傑西卡，讓我開始吧。

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.

我們的重點一直是將寬帶定位在核心訂閱中，我認為 4.7% 的 ARPU 是一個很好的結果，說明了這一點。

We have fair rate increases that impact that.

我們有公平的利率上調，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.

我們的包裝完全以寬帶為中心，因此這是一個重要的收入來源以及我們的紀律性——如果有人確實選擇只使用寬帶，我們將非常專注於確保我們公平定價。

So we'll evaluate everything over time, but we are very focused on the core subscription.

所以我們會隨著時間的推移評估一切，但我們非常關注核心訂閱。

That's where I think the rate opportunity is.

這就是我認為利率機會所在的地方。

So in terms of advertising, we just completed strongest upfront in the seven years that we've been here.

所以在廣告方面，我們剛剛完成了七年來最強勁的前期工作。

Overall volume was up significantly and rate was up very significantly.

整體成交量大幅上升，利率大幅上升。

This is maybe the fifth upfront that we've really led the upfront and sort of set rates and others followed behind us.

這可能是我們真正引領前期和固定費率的第五個前期，其他人緊隨其後。

But we are seeing a very strong advertising market; scatter is terrific, World Cup sales were terrific.

但是我們看到了一個非常強大的廣告市場；分散很棒，世界杯銷售很棒。

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.

我們在進行多項技術改進方面進行了大量投資，其中一些與可尋址性有關，而其中一些僅與以不同方式包裝和銷售我們的產品有關。

And that's obviously going to be important as we differentiate ourselves against digital advertisers.

這顯然很重要，因為我們將自己與數字廣告商區分開來。

In terms of a new gate in Florida, we are looking at it.

就佛羅里達州的新大門而言，我們正在研究它。

We filed basically a name registration.

我們基本上提交了名稱註冊。

We have a lot of great IP.

我們有很多很棒的IP。

We love the theme park business.

我們熱愛主題公園業務。

It's one of our best, most consistent businesses.

這是我們最好、最穩定的業務之一。

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.

而且我們認為我們有很多——一條很長的跑道，佛羅里達州的另一個登機口將具有將佛羅里達州從兩到三天的目的地變成可能長達一周的目的地的優勢。

We think that would be attractive.

我們認為這很有吸引力。

In terms of China, no sign of any changes related to whatever friction there might be between the two countries.

就中國而言，兩國之間可能存在的任何摩擦都沒有任何變化的跡象。

We're actually starting vertical construction.

我們實際上正在開始垂直建設。

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.

事情進展得非常非常好，我們仍然相信北京的環球公園將成為我們主題公園領域的重要補充。

John Hodulik, UBS.

瑞銀的約翰·霍杜利克。

Maybe we could focus on some of the strategic issues that have been impacting the stock.

也許我們可以專注於影響股票的一些戰略問題。

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?

在競購福克斯之後，布賴恩，你是否覺得——隨著 D2C 產品越來越成為美國媒體的焦點，NBC 是小規模的？

That's number one.

那是第一名。

Number two, if you could talk about your confidence level in the Sky bid.

第二，如果你能談談你對天空競標的信心水平。

And three, just what's your view regarding being a minority investor in Hulu, with Disney controlling the company?

第三，您如何看待作為 Hulu 的少數投資者，迪士尼控制著該公司？

Thanks.

謝謝。

Thank you, John.

謝謝你，約翰。

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.

讓我對此進行一般性評論，我想我中了你的一些觀點，其中一些我們今天不准備解決。

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.

但就規模而言，我認為今天的出色業績表明我們公司有規模，運作良好，甚至可能比這更好。

Maybe -- in a number of our products we're the market leader, best-in-class.

也許——在我們的許多產品中，我們是市場領導者，一流的。

That comes with scale.

這伴隨著規模。

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.

所以對於福克斯來說，這是一個獨特的機會，我們在處理它時非常自律，但我們認為這主要是關於國際擴張的機會。

We had regulatory belief that it was approvable in the United States.

我們有監管認為它在美國是可以批准的。

In fact, we've had conversations that were going well.

事實上，我們的對話進展順利。

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.

但最終我們撤退了，因為我們認為我們無法通過使我們認為可以購買的價格來建立足夠的股東價值，而該價格正在上漲。

And that's how we built the Company.

這就是我們建立公司的方式。

We've looked at a lot of things, thousands of transactions over 50 years, and we've done several hundred.

50 年來，我們研究了很多事情，數千筆交易，我們已經完成了數百筆交易。

And that we have more times than not been able to increase shareholder value and -- if we can make those acquisitions work.

而且我們有更多的時間無法增加股東價值，並且 - 如果我們能夠使這些收購發揮作用。

So we're focused on Sky now.

所以我們現在專注於天空。

We think it's a great business, it will fit well, good use of capital.

我們認為這是一項偉大的業務，它很適合，很好地利用了資本。

It's also unique, but I don't want to say anymore today.

它也是獨一無二的，但我今天不想再說了。

And hopefully that addressed a number of your issues.

希望這能解決您的一些問題。

Okay.

好的。

Thanks, Brian.

謝謝，布賴恩。

Jonathan Chaplin, New Street Research.

喬納森卓別林，新街研究。

Two quick questions for Dave, if I may.

如果可以的話，請向 Dave 提兩個簡單的問題。

So, the shift in trends in broadband this quarter from the last three quarters is really impressive.

因此，本季度寬帶趨勢與過去三個季度相比的轉變確實令人印象深刻。

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.

我想知道您是否可以給我們一些背景信息，回顧過去三個季度的增長放緩的驅動因素，其中有多少是整體市場增長放緩與競爭加劇與您相比伙計們只是沒有像本季度那樣專注於這部分業務。

And then the increase in EBITDA per customer relationship, is -- was really impressive as well.

然後每個客戶關係的 EBITDA 的增長，也確實令人印象深刻。

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.

一段時間以來，我們一直有一個論點，即視頻業務的可變成本可能比投資者意識到的要多得多。

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?

您所看到的利潤率提高有多少是由於隨著視頻訂閱者的減少，模型中只是可變成本下降，而不是您在該業務中持續削減成本和精簡？

Thanks.

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.

好吧，喬納森，讓我再次從我們所看到的趨勢之一開始，該趨勢在寬帶中一直保持非常非常好的保留性能。

So while that's continuing, what has up-ticked has been the connect side of the business.

因此，雖然這種情況仍在繼續，但上升的是業務的連接方面。

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.

因此，正如布賴恩和邁克所提到的，我們確實在一定程度上改變了方向，並且更加專注於僅寬帶部分。

We still package; we have a terrific package where we combine video, the best of video with the best of broadband.

我們還是打包；我們有一個很棒的套餐，我們將視頻、最好的視頻與最好的寬帶相結合。

We're giving customers I think really good options in the marketplace today.

我們正在為客戶提供我認為當今市場上非常好的選擇。

And I think it's helping all the products.

我認為它對所有產品都有幫助。

But it's broadband centric.

但它以寬帶為中心。

In addition, we have supplemented that with a strong focus around broadband only, so I think that has helped.

此外，我們僅重點關注寬帶對此進行了補充，因此我認為這有所幫助。

But it's connected to just this constant focus of investing and the overall improvement in the -- of the broadband services.

但這與投資的持續關注和寬帶服務的整體改進有關。

Every year we just keep coming back to it and offering more, and that's why I think we had record level retention performance.

每年我們都會不斷地回歸它並提供更多，這就是為什麼我認為我們擁有創紀錄的保留性能。

So, on the operating expense leverage, so the non-programming expense per customer relationship was down 2.6%.

因此，在運營費用槓桿上，每個客戶關係的非編程費用下降了 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.

所以對我來說有兩件事，我們一直非常關注成本控制，而且，就你而言，我們一直在談論這個，我們絕對看到了我們在努力改善成本方面取得的進展所帶來的經濟利益。客戶體驗。

This is the single best thing that we can do for our customers and it takes transactions out of the business.

這是我們可以為客戶做的最好的事情，它將交易排除在業務之外。

So what we're doing is just making it easier to do business with us.

所以我們所做的只是讓我們更容易做生意。

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.

正如布賴恩所說，當你拿出 10% 的電話減少，6% 的上門服務時——這是因為我們一直都在堅持。

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.

這是我們認為將會持續改進的另一個領域——今天很重要，明天也很重要，我們不會停止。

So, it is improving customer satisfaction as well.

因此，它也在提高客戶滿意度。

So, we think that this is sustainable, a very important part of margin and just how we run the business.

因此，我們認為這是可持續的，是利潤的一個非常重要的部分，也是我們經營業務的方式。

Thank you.

謝謝你。

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.

我知道 vMVPD 是一個熱門話題，我們都在試圖弄清楚整個付費電視行業的整體滲透率。

Do you have any thoughts around where virtual MVPDs may end up as a percent of the total Pay TV industry?

您對虛擬 MVPD 可能最終佔整個付費電視行業的百分比有什麼想法嗎？

And is there some level of indifference that you may have because it ultimately helps your broadband business?

您是否有某種程度的冷漠，因為它最終會幫助您的寬帶業務？

That's the first question.

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.

然後與最後幾個問題有關，即您的較低資本支出指南，我認為這 100% 是由於更高的效率，而不是由於對較低潛艇的預測。

So if you could just confirm that.

所以如果你能確認一下。

So let me start.

那麼讓我開始吧。

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.

在虛擬 MVPD 方面，我認為我們不會有一個 - 正如我所說的，給你一個數字，因為我們都可以推測。

But I think your point, it actually is even -- I would broaden it and say it's true for NBCUniversal as well.

但我認為你的觀點實際上是正確的——我會擴大它的範圍，並說這對 NBCUniversal 也是如此。

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.

我們的戰略之一是以這樣一種方式進行多樣化，即隨著新技術的出現，這不是全部或全部，我們從額外的競爭中獲得的收益超過我認為我們所失去的。

If you'd look at the two businesses, to your point, clearly broadband is growing faster, as we keep saying, that -- in recent years.

如果您看一下這兩項業務，就您的觀點而言，正如我們一直在說的那樣，寬帶顯然增長得更快，這就是近年來。

Why is that?

這是為什麼？

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.

因為互聯網上的視頻更可靠，設備也更多——家庭中的 10 台設備還在不斷增長，每個消費者的比特數和每個家庭的比特數越來越多。

All those are great trends for us.

所有這些對我們來說都是大趨勢。

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.

我們希望這一切都成為我們的一部分，但如果不是，這就是我們將 Netflixes 以及未來在 YouTube 中的集成以及我們所做的事情的原因。

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.

在 NBCUniversal，他們能夠擁有更多的分銷商，並且有更多的方式向這些分銷商銷售個人節目，並擁有更多可以出售給新包裝商的頻道包。

So, I think it is a very dynamic time and we're uniquely positioned as a company to benefit from these changes.

所以，我認為這是一個充滿活力的時期，我們作為一家公司處於獨特的地位，可以從這些變化中受益。

And we don't think they are all or nothing and going to happen overnight.

而且我們不認為它們是全有或全無並且會在一夜之間發生。

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.

如果你把所有不同的部分加起來，這可能是電視歷史上最賺錢的一年。

And that's true globally and that's true in the United States.

這在全球都是如此，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，我們的戰略是試圖讓我們的公司比其他任何人都更有優勢，以利用這些轉變，而不必押注如此之大以至於我們可能會出錯，這給了我們一個可持續的、長期的業績記錄為股東創造價值，獲得良好的回報，我們希望在未來做到這一點。

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.

因此，正如邁克所說，我在視頻方面提出了資本支出方面的問題，我們將指導改進了 50 到 100 個基點，而之前的指導改進了 50 個基點。

And this is absolutely -- it does relate to mix shift.

這絕對是——它確實與混音轉換有關。

And yes, we're continuing to invest quite a bit in our infrastructure around broadband.

是的，我們將繼續對寬帶基礎設施進行大量投資。

But there are less video customers, but we're also doing a good job with X1.

但視頻客戶較少，但我們在 X1 方面也做得很好。

We're highly penetrated with X1.

我們對 X1 的滲透率很高。

So we're not going as proactively to that base.

所以我們不會主動去那個基地。

So it is video CPE that's less that is driving that.

因此，推動這一趨勢的是較少的視頻 CPE。

And that's really -- remember, we are at the late stages of penetration of X1, which has crossed now 60% penetration.

這真的是——請記住，我們正處於 X1 滲透的後期階段，它現在已經超過了 60% 的滲透率。

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.

因此，正如我們一直說的那樣，一旦我們達到某個點，就會緩解，這就是你所看到的，被對寬帶網絡的良好投資所抵消，在資本方面進行線路擴展和商業服務投資。

Thank you.

謝謝你。

John Janedis, Jefferies.

約翰·簡迪斯，傑富瑞。

I had two.

我有兩個。

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?

首先，顯然你談到了前期，但你能否更廣泛地談談你所看到的廣告商在你所有平台上購買的意願方面的需求？

And do you still see a slowing in the shift of budgets moving to digital?

您是否仍然看到預算轉向數字化的速度放緩？

And then separately, one of the themes this earnings season has been direct-to-consumer.

此外，本財報季的主題之一是直接面向消費者。

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.

因此，了解您可能有幾個選擇，我希望您能給出 - 您可以在接下來的 12 到 24 個月內向我們提供更多關於您的 DTC 策略的信息。

Thank you.

謝謝你。

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.

因此，很難預測或確切地說營銷人員的預算中有多少百分比用於數字化，但電視市場仍然非常非常強勁。

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.

而且我認為其中一些優勢只是因為如果你想改變買家的看法，沒有什麼比電視廣告更好的了。

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.

在改變人們對品牌的看法方面，互聯網上沒有任何東西能像電視廣告那樣在數以百萬計的人觀看的精彩節目中如此引人注目。

And what we're finding is the breadth of our offering -- we have over 20% of all the rating points in the United States.

我們發現的是我們產品的廣度——我們在美國擁有超過 20% 的評級點。

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.

該產品的廣度使 Linda Yaccarino 和我們的銷售團隊能夠進入市場，並為所有這些網絡、我們所有的數字資產和 Linda 正在銷售的所有其他數字資產的廣告商提供集成解決方案。

We have deals with Apple and AOL, Buzzfeed and Vox.

我們與 Apple 和 AOL、Buzzfeed 和 Vox 有交易。

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.

因此，我們認為這種組合被證明是非常有價值的，儘管谷歌和 Facebook 這樣的人顯然正在實現巨大的廣告銷售。

And in terms of direct-to-consumer, I think there's a feeling right now that everybody is completely focused on Netflix.

在直接面向消費者方面，我認為現在每個人都完全專注於 Netflix。

The vast majority of television viewing is not streaming.

絕大多數電視觀看不是流媒體。

The vast majority of television viewing is not Netflix or Amazon or Hulu.

絕大多數的電視觀看不是 Netflix、亞馬遜或 Hulu。

The vast majority of television viewing continues to be linear television for big events -- particularly for big events.

絕大多數電視收視仍然是大型活動的線性電視——尤其是大型活動。

Our future I think is selling wherever consumers are.

我認為我們的未來是在消費者所在的地方銷售。

If they are watching linear, if they're watching streaming, if they're watching any different kind of platform, cable or broadcast.

如果他們在看線性，如果他們在看流媒體，如果他們在看任何不同類型的平台、有線電視或廣播。

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.

因此，我們正在努力定位我們的公司，以確保所有這些途徑都是開放的，並且我們明智地看待這些途徑並最大限度地提高我們視頻業務的盈利能力。

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.

這就是 - 對我來說，這就是導致一家成功公司的戰略，這就是我們正在走的道路。

Thank you.

謝謝你。

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.

因此，您對有線電視資本支出指南的更新將焦點集中在有關有線電視業務長期資本密集度的辯論上。

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?

我只是想知道，正如您在接下來的幾年中展望的那樣，是否有任何類型的大項目——你顯然是從 X1 中出來的——我們應該關注？

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?

我知道您經常收到光纖到戶的問題；我們應該如何看待未來幾年和長期資本密集度？

And then for Steve, I just wanted to make sure I got the stats right.

然後對於史蒂夫，我只是想確保我得到了正確的統計數據。

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.

然後我有另一個問題，我認為您的許多競爭對手都說前期 CPM 價格上漲了兩位數，我認為布賴恩在他準備好的講話中表示 NBC 有很高的個位數，而您說您領導了市場.

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.

所以我認為你所說的一切都與我從廣告商那裡聽到的一致，但我只是想確保相對於一些競爭對手所說的話，我是正確的。

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?

考慮到第二季度與假期時間相關的動態，史蒂夫的另一個問題是關於第三季度主題公園節奏的任何更新？

Thanks.

謝謝。

Thanks, Doug.

謝謝，道格。

It's Mike.

是邁克。

I'll start on cable capital intensity and Dave can jump in.

我將從有線電視資本密集度開始，戴夫可以加入。

But we'll come back and do our annual guidance in January.

但我們會在一月份回來做我們的年度指導。

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.

但就這個問題而言，我認為影響我們在上半年看到的較低資本密集度的趨勢和影響因素是持久的、可持續的。

And so, I think that's a takeaway you can have.

所以，我認為這是你可以擁有的外賣。

And I'd leave it there.

我會把它留在那裡。

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.

我只想提供 - 我將在我們開始的地方結束，我們一直專注於連接業務、商業服務、主動賬單、圍繞寬帶容量的基礎設施。

So, because of that, it's just a more steady investment plan.

所以，正因為如此，這只是一個更穩定的投資計劃。

And so, that -- we'll talk more later, but that's from the cable side.

所以，那個——我們稍後再談，但那是從有線電視方面講的。

Some more specifics about the upfront.

關於前期的更多細節。

NBC prime was actually up over 11% and in our total, I think we said high single digits.

NBC Prime 實際上上漲了 11% 以上，在我們的總數中，我認為我們說的是高個位數。

And we're pretty confident that we're leading the market, particularly on the NBC side.

而且我們非常有信心我們正在引領市場，特別是在 NBC 方面。

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.

可能有一些有線頻道的增長率高於我們的一些有線頻道，但總的來說，我非常有信心我們引領市場。

In terms of parks, parks are doing fine.

在公園方面，公園做得很好。

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.

由於新景點或酒店開業，將會有一些季度比其他季度更強勁，但我們對我們的公園業務感到非常高興。

We have had some poor weather in Osaka and to a degree in the US parks as well, but parks are doing fine.

我們在大阪遇到了一些惡劣的天氣，在美國公園也有一定程度的惡劣天氣，但公園做得很好。

Great, thank you.

太好了謝謝。

All right.

好的。

Well, Doug, thank you very much.

好吧，道格，非常感謝你。

Regina, we'll end the call there.

Regina，我們會在那裡結束通話。

Thanks.

謝謝。

There will be a replay of available of today's call starting at 12 o'clock PM Eastern Time.

從東部時間下午 12 點開始，將重播今天的通話。

It will run through Thursday, August 2, at midnight Eastern Time.

它將持續到東部時間 8 月 2 日星期四午夜。

The dial-in number is 855-859-2056, and the conference ID number is 7673099.

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.

電話會議的錄音也將從東部時間今天下午 12:30 開始在公司網站上提供。

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。