康卡斯特 (CMCSA) 2018 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's conference call to discuss third quarter 2018 earnings and the acquisition of Sky.

女士們，先生們，早上好，歡迎參加康卡斯特的電話會議，討論 2018 年第三季度的收益和對 Sky 的收購。

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

（操作員說明）請注意，此電話會議正在錄音中。

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

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

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯特朗先生。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

As always, let me now refer you to Slide #2, which contains our safe harbor disclaimer, and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

與往常一樣，現在讓我向您推薦幻燈片 #2，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。

Turning to today's materials.

轉向今天的材料。

We'll be doing things a bit differently with 2 segments to this call.

我們將在這次通話中使用 2 個片段來做一些不同的事情。

First, as usual, Brian Roberts and Mike Cavanagh will make prepared remarks covering our third quarter earnings, after which they will be joined by Steve Burke and Dave Watson for a Q&A session related to our results.

首先，像往常一樣，布賴恩·羅伯茨和邁克·卡瓦納將就我們第三季度的收益發表準備好的講話，之後史蒂夫·伯克和戴夫·沃森將與他們一起參加與我們的業績相關的問答環節。

Then we will move to a discussion of our recent acquisition of Sky, with Jeremy Darroch, the CEO of Sky, joining Brian for a slide presentation followed by Q&A.

然後我們將討論我們最近對 Sky 的收購，Sky 的首席執行官 Jeremy Darroch 將與 Brian 一起進行幻燈片演示，然後進行問答。

With that, let me turn the call to Brian Roberts to review our third quarter 2018 results.

有了這個，讓我把電話轉給布賴恩·羅伯茨來回顧我們 2018 年第三季度的業績。

Brian?

布賴恩？

Thank you, Jason, and good morning, everyone.

謝謝你，傑森，大家早上好。

This is a really exciting time for our company as we are so pleased to have completed the acquisition of Sky.

這對我們公司來說是一個非常激動人心的時刻，因為我們很高興完成了對 Sky 的收購。

And today, we look forward to talking more about that, which we'll do in a little bit.

今天，我們期待更多地討論這個問題，我們稍後會做。

But let me first turn to our strong third quarter results and the many key achievements that I'd like to highlight.

但讓我首先談談我們強勁的第三季度業績以及我想強調的許多關鍵成就。

Cable's EBITDA growth of 7.6% was the fastest in 6 years, and net cash flow increased by 15.6%, the third consecutive quarter of double-digit growth.

Cable的EBITDA增長7.6%是6年來最快的，淨現金流增長15.6%，連續第三個季度實現兩位數增長。

This impressive financial performance reflects the pivot we've made to our connectivity businesses, which have higher margins and lower capital intensity.

這一令人印象深刻的財務業績反映了我們對連接業務的重心，這些業務具有更高的利潤率和更低的資本密集度。

In addition, we surpassed 30 million customer relationships as year-over-year growth accelerated to over 3%.

此外，我們的客戶關係超過 3000 萬，同比增長加速至 3% 以上。

Customer relationship net adds of 288,000 were driven by 363,000 net new broadband customers, the best third quarter in 10 years.

客戶關係淨增 288,000 是由 363,000 的淨新寬帶客戶推動的，這是 10 年來最好的第三季度。

Collectively, residential broadband and business services revenue increased by nearly 10%.

總體而言，住宅寬帶和商業服務收入增長了近 10%。

These results demonstrate that customers love our products.

這些結果表明客戶喜歡我們的產品。

We're investing to harness the capacity and capabilities of our network and deliver innovative, differentiated experiences, which we believe gives us a long runway for further growth.

我們正在投資以利用我們網絡的容量和能力並提供創新的差異化體驗，我們相信這為我們提供了進一步增長的漫長道路。

We're competing really well in residential broadband by offering customers the fastest speeds, most reliable WiFi coverage in the home and industry-leading WiFi management and controls.

通過為客戶提供最快的速度、最可靠的家庭 WiFi 覆蓋以及行業領先的 WiFi 管理和控制，我們在住宅寬帶領域的競爭非常出色。

We've branded our holistic broadband product as xFi and continue to add new features, and we're rolling out our xFi gateways and pods to further enhance the service.

我們已將我們的整體寬帶產品品牌化為 xFi，並繼續添加新功能，並且我們正在推出我們的 xFi 網關和 Pod 以進一步增強服務。

We also recently announced that our 1 gig Internet is now available to nearly all of the 58 million homes and businesses passed in our footprint.

我們最近還宣布，我們的 1 gig Internet 現在可供我們足跡中經過的 5800 萬家庭和企業中的幾乎所有家庭和企業使用。

This is the fastest deployment of gigabit speeds to the most locations in the country by anybody.

這是任何人最快將千兆速度部署到該國大多數地點的速度。

It's a similar story in business services, with demand for our connectivity across small, medium and enterprise customers driving double-digit growth.

商業服務的情況類似，中小型企業客戶對我們連接的需求推動了兩位數的增長。

Led by our X1 platform, video play is an important supporting role in our strategy of driving whole home economics and providing the best value and experience to customers, and we remain committed to competing for video subscribers we can serve profitably.

在我們的 X1 平台的帶領下，視頻播放是我們推動整個家庭經濟和為客戶提供最佳價值和體驗的戰略中的重要支持角色，我們將繼續致力於競爭我們可以盈利的視頻用戶。

By aggregating and integrating everything from linear TV to applications like Netflix, YouTube and soon, Amazon Prime Video, X1 delivers an unmatched user experience and the broadest range of content that underscores the value of our broadband service.

通過聚合和集成從線性電視到 Netflix、YouTube 以及即將推出的 Amazon Prime Video 等應用程序的所有內容，X1 提供了無與倫比的用戶體驗和最廣泛的內容，凸顯了我們寬帶服務的價值。

Our newest addition to the bundle, Xfinity Mobile, is also resonating with customers.

我們最新的捆綁產品 Xfinity Mobile 也引起了客戶的共鳴。

In little over a year, we've crossed 1 million customer lines.

在一年多一點的時間裡，我們已經跨越了 100 萬條客戶線。

Customers who subscribe to Xfinity Mobile have overall higher satisfaction, and our early results indicate that adding mobile improves broadband customer retention, one of our key objectives.

訂閱 Xfinity Mobile 的客戶總體滿意度更高，我們的早期結果表明，添加移動設備可以提高寬帶客戶保留率，這是我們的主要目標之一。

Another success that I'm proud of is the progress we've made in improving the customer experience.

我引以為豪的另一項成功是我們在改善客戶體驗方面取得的進展。

Over the last 12 months, customer satisfaction scores have increased, and we have taken out 16 million calls handled by our agents and reduced truck rolls by over 1 million year-over-year while adding nearly 1 million customer relationships.

在過去的 12 個月中，客戶滿意度得分有所提高，我們的座席處理了 1600 萬個電話，同比減少了超過 100 萬個上門服務，同時增加了近 100 萬個客戶關係。

What's enabled us to do this is our transformation of the way customers interact with us.

使我們能夠做到這一點的是我們改變了客戶與我們互動的方式。

Over 75% of the interactions are now being completed through our digital touch points.

現在，超過 75% 的交互是通過我們的數字接觸點完成的。

Providing more digital tools remains the key focus as we go forward, and that will help take additional operating costs out of the business.

提供更多數字工具仍然是我們前進的重點，這將有助於降低業務的額外運營成本。

Now turning to NBCUniversal.

現在轉向NBC環球。

Cable Networks and Broadcast TV EBITDA collectively increased by 6% in the third quarter, reflecting growth across retrans and affiliate revenues, content licensing and advertising.

有線電視網絡和廣播電視 EBITDA 在第三季度共同增長了 6%，反映了轉播和附屬收入、內容許可和廣告方面的增長。

Some highlights from the recently completed 52-week season included NBC Broadcast finishing #1 in total viewers for the first time in 16 years, along with our win among adults 18 to 49 for the fifth consecutive year in prime, and Telemundo's second consecutive win among adults 18 to 49 in Spanish language prime.

最近完成的 52 週賽季的一些亮點包括 NBC 廣播公司 16 年來首次在觀眾總數中排名第一，以及我們連續第五年在 18 至 49 歲的成年人中獲勝，以及 Telemundo 在18 至 49 歲的成年人，處於西班牙語黃金時期。

The new season is off to a great start as well.

新賽季也迎來了良好的開端。

Both networks continue to lead the competition, and NBC holds 4 out of the top 10 shows in prime, the most among the broadcasters, as well as 2 of the top 3 new premieres this season with Manifest and New Amsterdam.

這兩個網絡繼續在競爭中處於領先地位，NBC 擁有前 10 名節目中的 4 場，是廣播公司中最多的，以及本季的前 3 名新首播節目中的 2 場與 Manifest 和 New Amsterdam。

Thanks to Bob Greenblatt for building this momentum, and we're excited with George Cheeks and Paul Telegdy, who are off to a great start.

感謝 Bob Greenblatt 建立了這種勢頭，我們對 George Cheeks 和 Paul Telegdy 感到興奮，他們的開局很好。

At Cable Networks, MSNBC had an outstanding quarter once again with record ratings resulting in its largest lead ever over CNN in key dayparts.

在 Cable Networks，MSNBC 再次以創紀錄的收視率創下了出色的季度表現，使其在關鍵時段超過 CNN 取得了有史以來最大的領先優勢。

As these results demonstrate, we have the right TV content with more ways to monetize it than ever before.

正如這些結果所表明的那樣，我們擁有正確的電視內容，並且比以往任何時候都擁有更多的獲利方式。

At film, we had record profitability in last year's third quarter thanks to Despicable Me 3. While this year was lower without a comparable animated film, it was still a healthy quarter with successful theatrical results from Jurassic World, Mamma Mia and other films.

在電影方面，由於《神偷奶爸 3》，我們在去年第三季度實現了創紀錄的盈利能力。雖然今年沒有可比的動畫電影，但它仍然是一個健康的季度，侏羅紀世界、媽媽咪呀和其他電影取得了成功的戲劇效果。

We are looking forward to 2019 and beyond when we will see a ramp-up to multiple animated releases from Illumination and DreamWorks, as well as the return of some of our best franchises.

我們期待 2019 年及以後的時間，屆時我們將看到 Illumination 和夢工廠的多個動畫版本的增加，以及我們一些最好的特許經營權的回歸。

Finally, at Theme Parks.

最後，在主題公園。

Our park in Japan experienced multiple unprecedented weather events and natural disasters that impacted results, as Mike will cover in more detail.

我們在日本的公園經歷了多次影響結果的前所未有的天氣事件和自然災害，邁克將更詳細地介紹。

Our thoughts are with those many in Japan who are affected by these devastating typhoons and earthquakes.

我們與許多在日本受到這些毀滅性颱風和地震影響的人同在。

We remain very confident and excited by the long-term trajectory of the Parks business as we continue to execute on our successful strategy of driving growth through new attractions and adding hotel rooms, as well as the opening of a new park in Beijing in the coming years.

隨著我們繼續執行通過新景點和增加酒店客房以及即將在北京開設新公園的成功戰略，我們對公園業務的長期發展軌跡仍然充滿信心和興奮年。

This is a fantastic time in our company's history.

這是我們公司歷史上一個美妙的時刻。

We delivered a strong quarter with some of the best results in years, we've transitioned to more of a global company with our acquisition of Sky, and now we are getting started on the next phase of our strategy.

我們實現了一個強勁的季度，取得了多年來最好的業績，通過收購 Sky，我們已經轉變為一家更加全球化的公司，現在我們正在開始下一階段的戰略。

With that, let me turn it over to Mike for more details on our results.

有了這個，讓我把它交給邁克，了解更多關於我們結果的細節。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

I'll begin on Slide 4 with our third quarter consolidated results.

我將從幻燈片 4 開始，介紹我們第三季度的綜合結果。

Revenue increased 5% to $22.1 billion.

收入增長 5% 至 221 億美元。

Adjusted EBITDA increased 2.5% to $7.3 billion, reflecting strong growth of 7.6% at Cable, partially offset by a decline of 8.5% at NBCUniversal, which I'll provide more context around in a moment.

調整後的 EBITDA 增長 2.5% 至 73 億美元，反映了有線電視 7.6% 的強勁增長，部分被 NBCUniversal 下降 8.5% 所抵消，我稍後將提供更多背景信息。

The corporate and other segment results included an EBITDA loss of $178 million for Xfinity Mobile.

公司和其他部門的業績包括 Xfinity Mobile 的 EBITDA 虧損 1.78 億美元。

Adjusted earnings per share increased 27.5% to $0.65 for the quarter.

本季度調整後每股收益增長 27.5% 至 0.65 美元。

On a year-to-date basis, adjusted earnings per share increased 22.4% to $1.91, reflecting the benefits of tax reform, which lowered our effective tax rate by about 10 percentage points year-over-year to 24% as well as solid operational momentum.

年初至今，調整後每股收益增長 22.4% 至 1.91 美元，這反映了稅制改革的好處，這使我們的有效稅率同比降低了約 10 個百分點至 24%，以及穩健的運營勢頭。

And finally, free cash flow was $3.1 billion in the quarter, bringing the year-to-date total to $10.5 billion.

最後，本季度的自由現金流為 31 億美元，使年初至今的總額達到 105 億美元。

Turning to the details of the quarter, starting with Cable Communications results on Slide 5. Revenue increased 3.4% and EBITDA increased 7.6%, resulting in a 160 basis point year-over-year margin improvement to 40.7%.

轉向本季度的細節，從幻燈片 5 上的有線通信結果開始。收入增長 3.4%，EBITDA 增長 7.6%，導致利潤率同比增長 160 個基點至 40.7%。

Adjusting for the negative impact of storms in the third quarter of 2017, Cable EBITDA increased 6.9%, reflecting the strong underlying trends in the business.

調整 2017 年第三季度風暴的負面影響後，有線電視 EBITDA 增長 6.9%，反映了該業務強勁的潛在趨勢。

Customer relationships increased 3.4% year-over-year to 30.1 million, including 288,000 net additions in the third quarter.

客戶關係同比增長 3.4% 至 3,010 萬，其中第三季度淨增加 288,000。

On a per relationship basis, revenue was relatively consistent with the prior year, and EBITDA increased by 4.4%.

按關係計算，收入與上年基本一致，EBITDA 增長 4.4%。

Cable's performance was again fueled by momentum in our high-margin connectivity businesses: residential high-speed internet and business services.

Cable的表現再次受到我們高利潤連接業務的推動：住宅高速互聯網和商業服務。

High-speed internet revenue was the largest contributor to overall Cable growth, increasing 9.6% to $4.3 billion.

高速互聯網收入是有線電視整體增長的最大貢獻者，增長 9.6% 至 43 億美元。

We have added over 1.2 million net new residential broadband customers in the last 12 months, including 334,000 net additions in the third quarter.

在過去的 12 個月中，我們淨新增了超過 120 萬戶住宅寬帶用戶，其中第三季度淨新增了 334,000 戶。

Our offering is resonating with customers as our consistent innovation and investment in our network has enabled us to stay ahead of customer expectations for not just high speeds, but also wall-to-wall WiFi coverage and the ability to manage the increasing number of devices attached to their home networks.

我們的產品與客戶產生共鳴，因為我們對網絡的持續創新和投資使我們能夠在高速、牆到牆 WiFi 覆蓋以及管理越來越多的連接設備的能力方面保持領先於客戶的期望到他們的家庭網絡。

With 1 gig speeds available throughout our footprint, coupled with the best WiFi coverage and innovative xFi control features, we are well positioned to continue to win in broadband.

憑藉在我們的足跡中提供的 1 gig 速度，再加上最佳的 WiFi 覆蓋範圍和創新的 xFi 控制功能，我們有能力繼續在寬帶領域贏得勝利。

Connectivity is at the epicenter of our relationship with customers.

連通性是我們與客戶關係的核心。

And while part of our strategy is to effectively target customers whose current needs are met with broadband only, the majority of our customers are still best served with our bundles of multiple high-value, complementary products that provide the best experience and deepen our relationship.

雖然我們的戰略的一部分是有效地針對僅通過寬帶滿足當前需求的客戶，但我們的大多數客戶仍然可以通過我們提供最佳體驗並加深我們關係的多種高價值、互補產品捆綁獲得最佳服務。

One of the best ways to utilize our broadband is to consume video, which is why we continue to innovate around X1 and bring together the best online content, along with linear TV.

使用我們的寬帶的最佳方式之一是觀看視頻，這就是我們繼續圍繞 X1 進行創新並將最好的在線內容與線性電視結合在一起的原因。

With X1, we have the best platform to serve customers looking for the most content choices and a premium experience, and we are competing well in this segment.

借助 X1，我們擁有最好的平台來為尋求最多內容選擇和優質體驗的客戶提供服務，並且我們在這一領域的競爭非常激烈。

However, competitive pressures continue, including from virtual MVPDs, particularly in the lower value segments, contributing to our 95,000 net residential video customer losses in the third quarter.

然而，競爭壓力繼續存在，包括來自虛擬 MVPD 的壓力，尤其是在價值較低的細分市場，導致我們在第三季度損失了 95,000 名住宅視頻淨客戶。

Video revenue declined 2.9%, reflecting these customer losses as well as the comparison to a pay-per-view boxing event in last year's third quarter.

視頻收入下降了 2.9%，這反映了這些客戶流失以及與去年第三季度的按次付費拳擊賽事相比。

Excluding the impact of this event, the third quarter video revenue decline would have been similar to the second quarter's decline of about 2%.

排除這一事件的影響，第三季度視頻收入的下降與第二季度約 2% 的下降相似。

Another attractive proposition for our broadband customers is to bundle Xfinity Mobile.

對我們的寬帶客戶來說，另一個有吸引力的提議是捆綁 Xfinity Mobile。

We ended the quarter with over 1 million customer lines with 228,000 net additions in the quarter.

我們在本季度結束時擁有超過 100 萬條客戶線，本季度淨增加 228,000 條。

We are pleased with our progress in mobile.

我們對我們在移動方面的進步感到高興。

And while it's still relatively early, the results we see are supportive of our key objectives when we entered the wireless business, including deepening the relationship with and improving the retention of broadband customers, attracting new broadband customers and generating positive stand-alone economics once we reach scale.

雖然現在還為時過早，但我們看到的結果支持我們進入無線業務時的主要目標，包括加深與寬帶客戶的關係並提高寬帶客戶的保留率，吸引新的寬帶客戶，並在我們一旦進入無線業務後產生積極的獨立經濟。達到規模。

Connectivity is also at the core of our relationship with business customers and drives our ability to continue to take share across small, midsize and enterprise customers.

連通性也是我們與企業客戶關係的核心，並推動我們繼續在中小型企業客戶中佔有一席之地。

In the third quarter, business services revenue increased 10.6% to $1.8 billion, reflecting a 6% year-over-year increase in business customer relationships to 2.3 million and a 4.4% increase in revenue per relationship.

第三季度，商業服務收入增長 10.6% 至 18 億美元，反映出商業客戶關係同比增長 6% 至 230 萬，每個關係的收入增長 4.4%。

I'd also note, advertising was a driver of Cable revenue growth in the third quarter due to robust political ad spending.

我還要指出，由於強勁的政治廣告支出，廣告是第三季度有線電視收入增長的推動力。

Cable Communications advertising revenue increased by 15.2% to $684 million.

Cable Communications 的廣告收入增長 15.2% 至 6.84 億美元。

Excluding political, Cable advertising revenues increased by 0.6%.

不包括政治因素，有線電視廣告收入增長 0.6%。

Now turning to Cable expense and margin on Slide 6. Total Cable expenses increased by 0.6% year-over-year, driven by a 1.4% increase 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 1.4% 的推動下，有線電視總費用同比增長 0.6%。

As a reminder, last year's programming costs included additional expenses associated with the pay-per-view boxing event.

提醒一下，去年的節目費用包括與按次付費拳擊賽事相關的額外費用。

Nonprogramming costs were flat compared to last year and down 2.9% on a per customer basis as we continue to focus on disciplined cost management and improving the customer experience.

由於我們繼續專注於嚴格的成本管理和改善客戶體驗，非程序成本與去年相比持平，每位客戶下降 2.9%。

Notably, customer service expense decreased by 4.9% despite our growth in customer relationships, reflecting the benefits of improvements we've made to our products and the way we serve customers, including reduced call volumes and more customer interactions through digital platforms, as Brian highlighted.

值得注意的是，儘管我們的客戶關係有所增長，但客戶服務費用下降了 4.9%，這反映了我們對產品和服務客戶方式的改進帶來的好處，包括減少呼叫量和通過數字平台進行更多的客戶互動，正如 Brian 強調的那樣.

Overall, this expense management, coupled with healthy revenue growth, has resulted in consistent EBITDA margin expansion over the course of the year.

總體而言，這種費用管理，加上健康的收入增長，導致 EBITDA 利潤率在一年中持續增長。

On a year-to-date basis, Cable EBITDA margins are up 100 basis points compared to last year.

從年初至今，有線電視的 EBITDA 利潤率比去年上升了 100 個基點。

As a result, for the full year, we now expect to be toward the high end of our guidance of 50 to 100 basis points of margin expansion.

因此，對於全年，我們現在預計將接近我們指導的 50 至 100 個基點的利潤率擴張的高端。

Cable capital expenditures in the quarter decreased by 5.7% to $1.9 billion, primarily reflecting lower spending on customer premise equipment as X1 is now deployed to nearly 65% of our residential video customers.

本季度有線電視資本支出下降 5.7% 至 19 億美元，主要反映了客戶端設備支出減少，因為 X1 現在部署到我們近 65% 的住宅視頻客戶。

On a year-to-date basis, Cable capital expenditures decreased by 6.9% to $5.4 billion as declines in customer premise equipment spending were partially offset by increased investment in line extensions and scalable infrastructure, consistent with the broader shift in our business towards connectivity.

年初至今，有線電視資本支出下降 6.9% 至 54 億美元，因為客戶前提設備支出的下降部分被線路擴展和可擴展基礎設施的投資增加所抵消，這與我們業務向連接性的更廣泛轉變相一致。

Cable CapEx intensity was 14.1% in the third quarter and 13.2% year-to-date.

第三季度有線電視資本支出強度為 14.1%，年初至今為 13.2%。

We expect capital expenditure intensity to increase sequentially in the fourth quarter following typical seasonal patterns.

我們預計資本支出強度將在第四季度按照典型的季節性模式依次增加。

However, for the full year, we now expect the reduction in capital expenditure intensity to be towards the high end of our guidance of 50 to 100 basis points.

然而，對於全年，我們現在預計資本支出強度的降低將接近我們指引的 50 至 100 個基點的高端。

Wrapping up Cable.

包裹電纜。

Strong EBITDA growth and margin expansion, together with declining capital expenditures, resulted in net cash flow growth of 15.6% in the quarter and 14.8% year-to-date, underscoring the attractiveness of our connectivity-driven growth model.

強勁的 EBITDA 增長和利潤率擴張，加上資本支出下降，導致本季度淨現金流增長 15.6%，年初至今增長 14.8%，凸顯了我們連接驅動增長模式的吸引力。

Now let's move on to NBCUniversal's results on Slide 7. NBCUniversal revenue increased 8.1% to $8.6 billion and EBITDA decreased 8.5% to $2.1 billion, reflecting healthy results in our TV businesses more than offset by a difficult comparison at Filmed Entertainment and the impact of severe weather and natural disasters that affected our Japan theme park.

現在讓我們來看一下 NBCUniversal 在幻燈片 7 上的結果。NBCUniversal 收入增長 8.1% 至 86 億美元，EBITDA 下降 8.5% 至 21 億美元，這反映了我們電視業務的健康業績被 Filmed Entertainment 的艱難比較和嚴重影響所抵消。影響我們日本主題公園的天氣和自然災害。

Cable Networks revenue increased 10.8% to $2.9 billion and EBITDA increased 6.9% to $968 million, reflecting growth across affiliate fees, content licensing and advertising.

Cable Networks 收入增長 10.8% 至 29 億美元，EBITDA 增長 6.9% 至 9.68 億美元，反映了附屬費用、內容許可和廣告的增長。

Distribution revenue increased by 9.5%, driven by the ongoing benefits of previous renewal agreements as well as moderating subscriber losses due to consumer adoption of virtual MVPDs.

分銷收入增長了 9.5%，這得益於之前續訂協議的持續收益以及由於消費者採用虛擬 MVPD 而導致的訂戶損失減少。

Subscriber declines at our Cable Networks were again less than 1% in the third quarter, an improvement compared to recent trends of 1.5% to 2% declines.

第三季度，我們有線電視網絡的訂戶下降幅度再次低於 1%，與近期下降 1.5% 至 2% 的趨勢相比有所改善。

Content licensing and other revenue increased by 36.1%, driven by the delivery of content under our existing licensing agreements as well as new deals, which reflect a healthy demand for our content with more buyers than ever before.

內容許可和其他收入增長了 36.1%，這得益於我們現有許可協議下的內容交付以及新交易，這反映了對我們內容的健康需求，買家比以往任何時候都多。

Advertising increased 4.2% due to continued strength at MSNBC as well as strong pricing overall, partially offset by ratings declines.

由於 MSNBC 的持續強勢以及整體定價強勁，廣告增長了 4.2%，部分被收視率下降所抵消。

Broadcast Television revenue increased 15.4% to $2.5 billion, reflecting increases in advertising, content licensing and retrans revenue.

廣播電視收入增長 15.4% 至 25 億美元，反映了廣告、內容許可和轉播收入的增長。

Advertising revenue increased 9.2%, primarily driven by higher rates and Telemundo's broadcast of the World Cup.

廣告收入增長了 9.2%，主要是由於更高的費率和 Telemundo 對世界杯的轉播。

Excluding the impact of the World Cup as well as the timing benefit of an extra Sunday Night Football game in the quarter compared to last year, advertising would've been roughly flat year-over-year.

排除世界杯的影響以及本季度與去年相比增加了一場週日晚上足球比賽的時機優勢，廣告將與去年同期大致持平。

Content licensing grew by 24.7%, reflecting the delivery of content under our licensing agreements.

內容許可增長了 24.7%，反映了我們的許可協議下的內容交付。

Retrans revenue increased by 21% to $434 million.

Retrans 收入增長 21% 至 4.34 億美元。

And EBITDA increased 1.8% to $321 million as these strong revenue results were partially offset by programming and production costs associated with the World Cup.

由於這些強勁的收入結果被與世界杯相關的節目和製作成本部分抵消，EBITDA 增長了 1.8% 至 3.21 億美元。

Excluding the World Cup, EBITDA would have increased over 10%.

不包括世界杯，EBITDA 將增長 10% 以上。

Film revenue increased 3.8% to $1.8 billion and EBITDA declined 44.2% to $214 million as the highly profitable hit, Despicable Me 3, as well as carryover benefits of our successful slate in the first half of 2017 created an expected tough comparison to last year's third quarter despite the theatrical success of Jurassic World: Fallen Kingdom and Mamma Mia!

電影收入增長 3.8% 至 18 億美元，息稅折舊攤銷前利潤下降 44.2% 至 2.14 億美元，原因是利潤豐厚的大片《神偷奶爸 3》以及我們在 2017 年上半年大獲成功的結轉收益與去年的第三部相比形成了預期的艱難對比儘管侏羅紀世界：墮落王國和媽媽咪呀！

Here We Go Again in this year's third quarter.

今年第三季度我們又來了。

Wrapping up Filmed Entertainment, we are looking forward to 2019 and beyond as our animated slate ramps and some of our best franchises return.

結束 Filmed Entertainment，我們期待 2019 年及以後，因為我們的動畫板岩坡道和我們一些最好的特許經營權回歸。

Finally, Theme Parks revenue decreased 1.4% to $1.5 billion, and EBITDA decreased 6.5% to $725 million.

最後，主題公園收入下降 1.4% 至 15 億美元，EBITDA 下降 6.5% 至 7.25 億美元。

These results largely reflect the effects of devastating weather and natural disasters that negatively impacted attendance at our park in Osaka for almost 2/3 of the days in the quarter.

這些結果在很大程度上反映了毀滅性天氣和自然災害的影響，這些影響在本季度近 2/3 的天數中對我們在大阪的公園的出勤率產生了負面影響。

Excluding these impacts in Japan, we estimate that overall Theme Parks EBITDA would have shown low single-digit growth in the quarter.

排除日本的這些影響，我們估計主題公園的整體 EBITDA 在本季度將呈現低個位數增長。

Looking ahead, we are beginning to see signs of recovery in Osaka, and we remain confident in our strategy and the runway for growth we see in the Parks business.

展望未來，我們開始看到大阪的複蘇跡象，我們對我們在公園業務中看到的戰略和增長跑道充滿信心。

Finishing up on Slide 8 with return of capital.

完成幻燈片 8 並返還資本。

We generated $3.1 billion of free cash flow in the quarter.

我們在本季度產生了 31 億美元的自由現金流。

We returned $2.1 billion to shareholders in the third quarter, including $871 million of dividends and $1.25 billion of share repurchases.

我們在第三季度向股東返還了 21 億美元，其中包括 8.71 億美元的股息和 12.5 億美元的股票回購。

As we announced at the beginning of the month, we expect to repurchase $5 billion of stock in 2018.

正如我們在月初宣布的那樣，我們預計將在 2018 年回購 50 億美元的股票。

Following our acquisition of Sky, our pro forma net leverage stands at about 3.5x.

在我們收購 Sky 之後，我們的備考淨槓桿率約為 3.5 倍。

As we said, as part of our bond offering related to financing the Sky transaction, we are committed to returning to leverage levels consistent with our current ratings in 18 to 24 months.

正如我們所說，作為與 Sky 交易融資相關的債券發行的一部分，我們致力於在 18 至 24 個月內恢復到與我們當前評級一致的槓桿水平。

As part of this commitment, we also announced that we intend to pause our repurchase program in 2019.

作為這一承諾的一部分，我們還宣布我們打算在 2019 年暫停我們的回購計劃。

Overall, we are pleased with this quarter's results and the underlying momentum across our business.

總體而言，我們對本季度的業績和整個業務的潛在發展勢頭感到滿意。

We believe Comcast is well positioned with significant opportunities ahead as we begin a new chapter with Sky.

我們相信，隨著我們與 Sky 一起開啟新的篇章，康卡斯特處於有利地位，未來將面臨重大機遇。

With that, I'll give it back to Jason for Q&A related to our earnings results.

有了這個，我會把它還給 Jason 進行與我們的收益結果相關的問答。

Okay.

好的。

Thanks, Mike.

謝謝，邁克。

As I mentioned upfront, we'll now take questions on our results before we turn to a presentation on Sky.

正如我前面提到的，在轉向關於 Sky 的演示之前，我們現在將對我們的結果提出問題。

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

里賈納，請打開問答電話。

(Operator Instructions) Our first question comes from the line of Ben Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Maybe for Brian.

也許對於布賴恩。

The X1 really led the way in terms of next-generation set tops when you guys started building that out years ago.

當你們幾年前開始建造時，X1 確實在下一代機頂盒方面處於領先地位。

When you look at the video business going forward, how are you thinking about the product road map?

當您展望未來的視頻業務時，您如何看待產品路線圖？

I know the company is focused on bringing more sort of third-party apps into the ecosystems and you've seen folks like Amazon and Apple sort of embrace kind of a channel strategy.

我知道該公司專注於將更多類型的第三方應用程序引入生態系統，你已經看到像亞馬遜和蘋果這樣的人在某種程度上接受了一種渠道戰略。

How are you thinking about leading with video going forward from a product and consumer perspective?

您如何看待從產品和消費者的角度引領視頻發展？

And sort of what does that mean for the kind of financials of the business?

這對企業的財務狀況意味著什麼？

And then I just had one follow-up.

然後我只進行了一次跟進。

Okay.

好的。

Well, I'm going to start.

好吧，我要開始了。

I'll let Dave talk a little bit about that.

我會讓戴夫談談這件事。

So I do think that X1 is the best in the world, and I think -- and that's because we've embraced things like Netflix, YouTube, voice control guide.

所以我確實認為 X1 是世界上最好的，而且我認為——那是因為我們已經接受了 Netflix、YouTube、語音控制指南之類的東西。

We have a long road map of more things, top of the list is Amazon Prime shortly.

我們有一個關於更多事情的長期路線圖，很快就會成為亞馬遜 Prime。

And then beyond that, tremendous innovation.

除此之外，還有巨大的創新。

Things like -- when we're watching a football game, all those other things you may want to do while consuming it, looking at stats, being able to someday interact, look at your fantasy leagues.

比如——當我們看一場足球比賽時，你在觀看比賽時可能想做的所有其他事情，查看統計數據，有一天能夠互動，看看你的幻想聯賽。

I don't think we're anywhere near the completion of what the technology is capable of.

我認為我們離完成這項技術的能力還差得很遠。

Second, we've used video in a way to support the broadband business, and that combination seems to be working quite well.

其次，我們以某種方式使用視頻來支持寬帶業務，這種組合似乎運作良好。

But there's other applications throughout the whole home, where voice can play that role.

但是在整個家庭中還有其他應用程序，語音可以扮演這個角色。

And artificial intelligence is the other area that we're using across the whole customer experience, and the same platform is being used from everything, from figuring out those sports scores and data that you want to, recommendations of shows and entertainment.

人工智能是我們在整個客戶體驗中使用的另一個領域，從計算你想要的體育比分和數據，到節目和娛樂的推薦，一切都在使用同一個平台。

Two, customer experience, service quality and texting to customers, appointments and scheduling.

二、客戶體驗、服務質量和給客戶的短信、約會和日程安排。

So we're building a great capability as a technology company.

因此，我們正在打造作為一家技術公司的強大能力。

I don't think we had any of that just a few short years ago.

我認為我們在短短幾年前還沒有這種情況。

Dave?

戴夫？

Well, we've often thought that X1 is an operating platform, which not only the most preferred video applications would be there.

嗯，我們經常認為 X1 是一個操作平台，它不僅有最受歡迎的視頻應用程序。

And we also thought, as Brian said, there's going to be many other applications, music, gaming.

我們還認為，正如布賴恩所說，將會有許多其他應用程序，音樂，遊戲。

And as IoT continues to make progress, you're going to control your home experience in many ways, including right through the television in X1.

隨著物聯網不斷取得進步，您將通過多種方式控制您的家庭體驗，包括直接通過 X1 中的電視。

So our mission is to just make it simple and easy, and we're processing right now, the way we've connected Netflix, the way we're doing -- we will do Amazon and we're already doing with YouTube, we're processing about 2.1 billion voice commands a quarter.

所以我們的使命是讓它變得簡單和容易，我們現在正在處理，我們連接 Netflix 的方式，我們正在做的方式——我們將做亞馬遜，我們已經在做 YouTube，我們'每季度處理大約 21 億條語音命令。

And it's just easy.

這很容易。

So from our standpoint, we think there's a long runway ahead to continue to have X1 be the aggregator of aggregators.

因此，從我們的角度來看，我們認為繼續讓 X1 成為聚合器的聚合器還有很長的路要走。

So we're optimistic with that.

所以我們對此持樂觀態度。

Then maybe the same question, Dave, on broadband.

然後也許同樣的問題，戴夫，關於寬帶。

I think you're more or less done with DOCSIS 3.1.

我認為您或多或少地完成了 DOCSIS 3.1。

What's next for the evolution of the broadband business to sort of continue to maintain or even extend your lead against competition when you think about the product and technology and network road map for that business over the next couple years?

當您考慮未來幾年該業務的產品、技術和網絡路線圖時，寬帶業務的下一步發展如何繼續保持甚至擴大您在競爭中的領先地位？

Well, I think it starts with the fact that broadband -- DOCSIS is a great standard.

嗯，我認為首先是寬帶——DOCSIS 是一個很好的標準。

It's a very efficient one in that we've been steadily investing in the network in terms of note splits, expansions.

這是一個非常有效的方法，因為我們一直在對網絡進行筆記拆分、擴展方面的穩步投資。

So our focus around broadband is bringing to life our xFi brand where -- it's the same thing we did with X1 for video, we're doing with xFi.

因此，我們對寬帶的關注正在使我們的 xFi 品牌栩栩如生——這與我們對 X1 為視頻所做的事情相同，我們正在使用 xFi。

And xFi stands for the best of speed, the best of coverage and control.

xFi 代表最佳的速度、最佳的覆蓋範圍和控制。

Dana Strong and her team are doing a really nice job bringing xFi to life, and the proof points are there.

Dana Strong 和她的團隊在將 xFi 帶入生活方面做得非常好，證明點就在那裡。

As Brian mentioned, we have virtually -- our entire footprint is now deployed with 1 gig.

正如布賴恩所提到的，我們實際上已經部署了 1 個演出。

We have the best-in-class gateways, pods that are delivering best-in-class in-home WiFi capability, and the amount of devices that are being activated and used in the home continues to escalate.

我們擁有一流的網關、可提供一流的家庭 WiFi 功能的吊艙，並且家庭中激活和使用的設備數量不斷增加。

So the control aspect of this, I think we're also standing out, and our xFi app is just terrific.

所以這方面的控制方面，我認為我們也很突出，我們的 xFi 應用程序非常棒。

And a lot of usage, a lot of engagement with that.

大量的使用，大量的參與。

So I think we're going to keep our lead.

所以我認為我們將保持領先。

We're going to stay focused in terms of how we differentiate broadband not only in speed, but also these other aspects.

我們將繼續專注於我們如何區分寬帶，不僅在速度上，而且在其他方面。

So -- and I think this is where our focus is.

所以——我認為這就是我們的重點所在。

This connectivity in residential and commercial, it starts with that, and I think this is -- it didn't happen overnight.

這種住宅和商業的連通性，從那開始，我認為這是 - 它不是一夜之間發生的。

We've been steadily focused on this and will continue to be so.

我們一直專注於這一點，並將繼續如此。

Your next question comes from the line of Phil Cusick with JPMorgan.

您的下一個問題來自摩根大通的 Phil Cusick。

Mike, can you talk about Cable margins?

邁克，你能談談有線電視的利潤嗎？

I appreciate the increase in guidance for the year, but that still seems conservative given typical 4Q seasonality and the political advertising potential.

我很欣賞今年指引的增加，但鑑於典型的第四季度季節性和政治廣告潛力，這似乎仍然保守。

Anything happening in 4Q that should take this out of the seasonal trend?

第四季度發生的任何事情都應該使這種情況脫離季節性趨勢嗎？

And then going forward, you've talked in the past about a continued pause in programming renewals next year, revenue shifting to higher-margin broadband and business and it seems like cost can come down further.

然後展望未來，您過去曾談到明年節目續訂將繼續暫停，收入轉向利潤率更高的寬帶和業務，而且成本似乎可以進一步下降。

Any reason we shouldn't look for a similar margin growth next year?

有什麼理由我們不應該尋找明年類似的利潤率增長？

No, Phil, not a lot to add to what we've said previously and what we said today.

不，菲爾，對於我們之前所說的和我們今天所說的，沒有太多可補充的。

So we're happy to firm up guidance on margins and on capital intensity at the high end of the improvements we talked about at the beginning of the year for the very reasons that Dave just highlighted.

因此，出於戴夫剛剛強調的原因，我們很高興在年初談到的改進的高端確定利潤率和資本密集度的指導。

So it is a shift to the higher-margin connectivity businesses are definitely helping to drive margin and drive net cash flow, as Brian said.

因此，正如布賴恩所說，轉向利潤率更高的連接業務肯定有助於提高利潤率並推動淨現金流。

Net cash flow in the Cable business up 16% year-over-year, quarter-to-quarter.

有線電視業務的淨現金流環比同比增長 16%。

So those trends will continue on the programming side.

因此，這些趨勢將在編程方面繼續存在。

As we said, last 2 years prior to these ones were ones with big renewals.

正如我們所說，在這些之前的最後 2 年是有大量更新的。

And so for a period of time, we will see relief on that side of things.

因此，在一段時間內，我們會看到事情的那一面有所緩解。

And everything that Dave's team is doing in terms of controlling expenses on the nonprogramming side, keeping expenses overall flat on the OpEx side while we grow customer base and improve customer experience are all initiatives that continue to roll through.

Dave 的團隊在控制非編程方面的開支、在我們擴大客戶群和改善客戶體驗的同時保持運營支出方面的總體支出持平方面所做的一切都是繼續推進的舉措。

We won't give guidance beyond this year.

今年以後我們不會給出指導。

But obviously, that type of work is ongoing and continued runway ahead.

但顯然，這種類型的工作正在進行中，並繼續向前推進。

Our next question will come from the line of Jonathan Chaplin with New Street Research.

我們的下一個問題將來自 New Street Research 的 Jonathan Chaplin。

Two quick questions, if I may.

如果可以的話，兩個簡單的問題。

First, on share repurchases.

第一，關於股票回購。

You've suspended them for next year, but we don't have you getting back to 2.2x leverage until the end of 2020.

您已將它們暫停到明年，但我們不會讓您在 2020 年底之前恢復到 2.2 倍的槓桿率。

I'm wondering if you could restart repurchases before you get all the way down to your recent leverage threshold or whether it's really pushed out to 2021.

我想知道您是否可以在一直降至最近的槓桿閾值之前重新開始回購，或者它是否真的被推遲到 2021 年。

And then on wireless, it looks like the losses -- EBITDA losses have been steadily receding.

然後在無線方面，看起來是虧損——EBITDA 虧損一直在穩步減少。

Have we passed the peak in losses?

我們是否已經度過了虧損的高峰期？

And would you expect the losses to continue receding from here?

你會期望損失從這裡繼續減少嗎？

And on subscriber growth, there's been a nice sort of gradual steady progression in growth.

在訂戶增長方面，增長出現了一種不錯的漸進穩定進展。

Should we expect this trend to continue?

我們是否應該期望這種趨勢繼續下去？

Or is there an opportunity to see a more meaningful acceleration in growth as you bundle the product together with broadband and really drive home the savings that consumers can get from -- by taking wireless from you?

還是有機會看到更有意義的增長加速，因為您將產品與寬帶捆綁在一起，並真正將消費者可以從中獲得的節省帶回家 - 通過從您那裡獲得無線？

Jonathan, it's Mike.

喬納森，是邁克。

I'll take the first one.

我會拿第一個。

So on share repurchases, we -- our intention is to get ourselves back within 18 to 24 months, as I said, to the neighborhood of leverage consistent with the ratings that we maintain and the commitments we've made there.

因此，在股票回購方面，正如我所說，我們的目的是在 18 到 24 個月內讓自己回到與我們維持的評級和我們在那裡做出的承諾一致的槓桿附近。

We'll take it one year at a time.

我們將一年一次。

So suspension of the buyback for next year is already, say, at this stage.

因此，在這個階段，明年的回購已經暫停。

But I will say again, we intend to make that our priority.

但我要再說一遍，我們打算把它作為我們的優先事項。

We're going to focus on the organic plans in each of our existing businesses, continue to drive the execution in all the businesses, and we'll see what happens in the world year-by-year from here.

我們將專注於每個現有業務的有機計劃，繼續推動所有業務的執行，我們將從這裡逐年觀察世界上發生的事情。

Let me -- this is Dave.

讓我——這是戴夫。

I'll go into mobile.

我會進入手機。

So after starting this category, launching the category last spring, I think we're off to a really good start.

因此，在去年春天啟動這個類別之後，我認為我們有了一個非常好的開始。

We're ending Q3 with over 1 million customer lines and I think solid momentum.

我們在第三季度結束時擁有超過 100 萬客戶線，我認為勢頭強勁。

It's early, very early, but we're encouraged that when looking at mobile, one of the top reasons why we did it is to improve, in particular, broadband retention.

現在還為時過早，但我們感到鼓舞的是，在研究移動時，我們這樣做的主要原因之一是提高，特別是寬帶保留率。

So just early pulse check on that is showing that there's real hope there.

所以只是早期的脈搏檢查表明那裡有真正的希望。

So we like that.

所以我們喜歡這樣。

The other 2 reasons stand.

其他兩個理由成立。

Very consistent on this point, that we're going to achieve positive stand-alone wireless economics at scale and that we're also going to look to attract even more broadband customers and more opportunities to expand the relationship through mobile.

在這一點上非常一致，我們將在規模上實現積極的獨立無線經濟，我們還將尋求吸引更多的寬帶客戶和更多通過移動擴展關係的機會。

So overall, this is -- the trending is what we expected.

所以總的來說，這是 - 趨勢是我們所期望的。

It's still early, but encouraged.

現在還早，但值得鼓勵。

Your next question comes from the line of John Hodulik with UBS.

您的下一個問題來自瑞銀的 John Hodulik。

Maybe a quick question on the broadband market.

也許是關於寬帶市場的一個快速問題。

You've seen some good comps on the net add side.

您已經在網絡添加方面看到了一些不錯的組合。

What would you say is the primary driver for that improvement that we've seen after seeing sort of some deceleration for a while?

你會說什麼是我們在看到一段時間減速之後看到的這種改進的主要驅動力？

And along with that, have you seen any changes in the competitive environment today?

除此之外，您是否看到當今競爭環境的任何變化？

Well, you go through competitive cycles and -- most certainly in broadband, and we saw there's just a little bit more promotional activity.

好吧，你經歷了競爭週期，而且 - 最肯定的是寬帶，我們看到只有一點點促銷活動。

But you have to look I think at the absolute performance in terms of how we look at it.

但是你必須從我們如何看待它的角度來看待我認為的絕對錶現。

The best -- as Brian said, our net add performance is at 363,000 broadband net additions, best in 10 years.

最好的——正如布賴恩所說，我們的淨增加性能是 363,000 寬帶淨增加，是 10 年來最好的。

And you look to the drivers, very solid churn.

你看看司機，非常穩定的流失。

It's an attractive product.

這是一個有吸引力的產品。

And we continue to differentiate, as I mentioned earlier.

正如我之前提到的，我們繼續區分。

Our focus is to have the best product in the marketplace, that we will have the best speeds, delivered now 1 gig availability.

我們的重點是擁有市場上最好的產品，我們將擁有最好的速度，現在交付 1 gig 可用性。

You have 70% of our customers that have 100 megabits and above.

您有 70% 的客戶擁有 100 兆位及以上的數據。

Where people are going, the expectations around broadband are going up in terms of all the different opportunities, whether it's streaming, applications.

人們對寬帶的期望在所有不同的機會方面都在上升，無論是流媒體還是應用程序。

So there's a real appetite for better broadband.

因此，人們對更好的寬帶有著真正的需求。

And the bar is being raised, not just in speed but in terms of in-home coverage.

而且標準正在提高，不僅在速度方面，而且在家庭覆蓋方面。

So we want to stand out in providing the best in-home experience, and we think we're delivering on that with xFi and so all 3: speed, coverage and control.

因此，我們希望在提供最佳家庭體驗方面脫穎而出，我們認為我們正在通過 xFi 實現這一目標，以及所有 3 個方面：速度、覆蓋範圍和控制。

And then you look at the results in terms of churn improvement.

然後從客戶流失改善的角度來看結果。

But also, the broadband ARPU going up at 4.5 -- a little over 4%, we're real pleased with that, too.

而且，寬帶 ARPU 上升到 4.5——略高於 4%，我們也對此感到非常滿意。

I think it shows the overall value of Broadband.

我認為它顯示了寬帶的整體價值。

So I think I like the runway.

所以我想我喜歡跑道。

One of the main things to me, too, that speaks to the runway is our penetration, about 46.5%, the overall market place at 80%.

對我來說，與跑道相關的主要事情之一是我們的滲透率，大約 46.5%，整體市場佔有率為 80%。

There's room for growth, and we have markets -- some of our local area -- operating areas that are well above that average.

有增長的空間，我們的市場——我們當地的一些地區——遠高於平均水平的經營區域。

We should do better and so we're expecting to do so.

我們應該做得更好，所以我們期待這樣做。

Our next question comes from the line of Marci Ryvicker with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Marci Ryvicker。

I want to focus a little bit on NBC, NBCUniversal.

我想稍微關註一下 NBC、NBCUniversal。

And I guess, as it relates to both the Broadcast and Cable Networks, I guess, Steve, there's some concern that the virtual MVPDs are actually slowing, although opening comments would suggest otherwise.

我想，因為它與廣播和有線網絡都有關，我想，史蒂夫，有人擔心虛擬 MVPD 的速度實際上正在放緩，儘管開放評論會暗示其他情況。

So can you talk about the Pay TV sub trends on the media side?

那麼您能談談媒體方面的付費電視子趨勢嗎？

And then secondly, on advertising.

其次，關於廣告。

We know political is coming in really strong, but there have been some questions on underlying trends, especially in the auto category with trade wars with China.

我們知道政治形勢非常強勁，但對潛在趨勢存在一些疑問，尤其是在與中國發生貿易戰的汽車類別中。

I don't know if NBC is just a different animal and trends have been stronger so we shouldn't extrapolate.

我不知道 NBC 是否只是一種不同的動物，而且趨勢更強，所以我們不應該外推。

So any color on the outside would be helpful, too.

所以外面的任何顏色都會有幫助，也是。

So the television business, despite all the well-known factors that make it look like a less good business in the next 10 years than it has been in the last 10 years, our television business is very strong.

因此，電視業務，儘管所有眾所周知的因素使其在未來 10 年看起來不如過去 10 年那麼好，但我們的電視業務非常強大。

We've had 7 quarters in a row of 7% or better OCF growth on the cable side.

在有線電視方面，我們連續 7 個季度實現了 7% 或更好的 OCF 增長。

Broadcast is doing just fine.

廣播做得很好。

The advertising market is very strong.

廣告市場非常強勁。

Scatter is strong.

分散性很強。

We had the best upfront we've ever had just a few months ago, and scatter is up very substantially.

就在幾個月前，我們有最好的預付款，而且分散度大幅上升。

Political is way up.

政治正在上升。

We're having a very, very strong political.

我們有一個非常非常強大的政治。

I'm talking on the NBCUniversal side, not for Spotlight, although I think some of the same trends are there.

我說的是 NBCUniversal 方面，而不是 Spotlight，儘管我認為存在一些相同的趨勢。

Very, very strong political season.

非常非常強勁的政治季節。

Looks more like an election -- like a Presidential year than a midterm year.

看起來更像是一場選舉——更像是總統年而不是中期年。

In terms of sub trends, every single month, if you look at the trailing 12 months, and you add up traditional MVPDs and virtual MVPDs, every single month for literally the last year, those trends have gotten better.

就子趨勢而言，每個月，如果您查看過去的 12 個月，並且將傳統的 MVPD 和虛擬 MVPD 相加，從字面上看是去年的每個月，這些趨勢都會變得更好。

In the most recent month, those trends did not keep getting better.

在最近的一個月裡，這些趨勢並沒有繼續好轉。

They stayed about the same.

他們保持不變。

So I think maybe the growth of the virtual MVPDs is starting to plateau or at least, for the last month.

因此，我認為虛擬 MVPD 的增長可能開始趨於平穩，或者至少在上個月。

But those trends have been getting better, and it really comes from traditional MVPD sub losses is about the same and then virtual MVPDs, as they launched and got more aggressive, growing, and that appears to be flattening.

但這些趨勢一直在好轉，它確實來自傳統的 MVPD 子損失大致相同，然後是虛擬 MVPD，因為它們推出並變得更具侵略性、增長，而且似乎正在趨於平緩。

But our television business continues to be very, very strong.

但我們的電視業務仍然非常非常強勁。

And I think as the world pivots here toward more streaming, we want to make sure that we respect and nurture and continue to invest and continue to outperform on the television side, wherever the world goes in terms of new technologies.

我認為，隨著世界轉向更多流媒體，我們希望確保我們尊重和培育並繼續投資並繼續在電視方面表現出色，無論世界在新技術方面走向何方。

Why don't we take one more question for this segment of the call?

我們為什麼不對這一部分電話再提一個問題呢？

That question will come from the line of Craig Moffett with MoffettNathanson.

這個問題將來自 Craig Moffett 和 MoffettNathanson 的觀點。

First, Brian, congratulations on the Sky acquisition.

首先，Brian，祝賀 Sky 被收購。

For Cable, I want to return to the question about margins and capital intensity, if I could.

對於有線電視，如果可以的話，我想回到關於利潤率和資本密集度的問題。

The trends, as you've discussed and as some of the questions have suggested, are running meaningfully ahead of historical trends.

正如您所討論的以及一些問題所暗示的那樣，趨勢明顯領先於歷史趨勢。

With costs growing at near -- nonprogramming costs growing at reasonably close to 0, have you changed your view of how high margins can get in this business?

隨著成本接近增長——非編程成本合理地接近於 0，您是否改變了對這項業務可以獲得多高利潤的看法？

And similarly, on capital intensity, I think you used to always say 15% was kind of the long-term guide -- goalpost, if you were -- if you will.

同樣，在資本密集度方面，我認為你過去總是說 15% 是一種長期指導——如果你願意的話，那就是球門柱——如果你願意的話。

Is that lower now?

現在是不是更低了？

Is your sense that capital intensity in this business could be meaningfully below the mid-teens?

您是否認為該行業的資本密集度可能明顯低於 10 歲以下？

So Craig, I'll start and Dave can finish.

所以克雷格，我會開始，戴夫可以結束。

I mean, like I said earlier, I think the trends, the efforts and the mix of business dynamics, efforts on the cost side and just customer experience side, are improving margins, have improved them I think.

我的意思是，就像我之前所說的，我認為趨勢、努力和業務動態的組合、成本方面的努力和客戶體驗方面的努力正在提高利潤率，我認為已經提高了利潤率。

We won't predict where they go from here, but just the idea that there's still efforts that will continue consistent with what we've seen.

我們不會預測他們從這裡走向何方，而只是認為仍有努力將繼續與我們所看到的一致。

And the same positive dynamics of the mix shift to connectivity, given the efficiency, as Dave described, of our hybrid plant.

考慮到我們混合工廠的效率，正如 Dave 所描述的，考慮到混合動力的相同積極動力轉向連通性。

So the long run looks to be very good.

所以從長遠來看，看起來非常好。

I won't go there in terms of capital intensity over the long term because I don't -- well, obviously, we never really had long-term guidance like that.

從長遠來看，我不會在資本密集度方面去那裡，因為我沒有——嗯，很明顯，我們從來沒有真正有過這樣的長期指導。

But I think we're pleased with the financial model and the prospects for the financial model in the cable system looking for years ahead.

但我認為我們對未來幾年有線電視系統的財務模式和財務模式的前景感到滿意。

I think just to add, I think everything starts, Craig, with -- from our standpoint of driving healthy, profitable revenue.

我想補充一點，我認為一切都開始了，克雷格，從我們推動健康、有利可圖的收入的角度來看。

And the high-margin connectivity businesses, that's why this is so important, broadband, but also business services.

而高利潤的連接業務，這就是為什麼它如此重要的原因，寬帶，還有商業服務。

Bill Stemper and his team are doing a terrific job driving all 3 segments, SMB, mid-market and now enterprise.

Bill Stemper 和他的團隊在推動所有 3 個細分市場（中小企業、中型市場和現在的企業）方面做得非常出色。

There's just room for growth there.

那裡只有增長空間。

So very focused on that.

所以非常專注於此。

The second thing that we -- Mike has touched on that helps margins and we're incredibly focused and very consistent on improving the customer experience.

我們 - 邁克談到的第二件事有助於提高利潤率，我們非常專注並且非常一致地改善客戶體驗。

I think this goes hand-in-hand.

我認為這是齊頭並進的。

Taking transactions out of the Cable business is good for the customer, it's good for the business.

從有線電視業務中剔除交易對客戶有利，對企業有利。

And you look at some of the results in the quarter, taking out over 5.5 million telephone calls, taking out material amount of truck rolls and just -- we're just focused on onboarding, repeats.

你看看本季度的一些結果，接聽了超過 550 萬個電話，取消了大量的上門服務，我們只專注於入職、重複。

We're proactively looking at customer issues and solving them in the first place before they even call us.

我們在客戶打電話給我們之前就主動關注並解決他們的問題。

So this is where our focus is.

所以這就是我們的重點所在。

I think it's really good.

我覺得真的很好。

It takes out the unnecessary cost in the business.

它消除了業務中不必要的成本。

We're going to continue to be very focused on it and I see a good runway for improvement there.

我們將繼續非常專注於它，我看到了一條可以改進的良好跑道。

I think it's a perfect transition point.

我認為這是一個完美的過渡點。

Thank you, Craig, for that question because it underscores the strength and the momentum of the core company and the core businesses.

謝謝克雷格的這個問題，因為它強調了核心公司和核心業務的實力和勢頭。

And Cable, broadband, the pivot, best results in a decade.

而有線電視，寬帶，樞紐，十年來最好的成績。

NBCUniversal, we've had a double-digit compounded rate of growth since we bought the company and it sets us up for what's next.

NBCUniversal，自從我們收購這家公司以來，我們的複合增長率達到了兩位數，這讓我們為下一步做好了準備。

Jason?

傑森？

Okay.

好的。

Thanks, Brian.

謝謝，布賴恩。

So we'll wrap up the third quarter earnings portion of our call there and transition now to a discussion of our recent acquisition of Sky.

因此，我們將在那裡結束我們電話會議的第三季度收益部分，現在過渡到討論我們最近收購的 Sky。

(Operator Instructions)

（操作員說明）

With that, let me turn things over once again to Brian.

有了這個，讓我再一次把事情交給布賴恩。

I'm delighted to have Jeremy Darroch here with us today, Sky's longtime successful CEO.

我很高興今天有傑里米·達羅克 (Jeremy Darroch) 與我們在一起，他是 Sky 長期成功的 CEO。

We think Sky is an incredible and unique stand-alone business that fits perfectly with Comcast, and the best way for you to hopefully reach the same conclusion is to hear directly from Jeremy about Sky's market position, brand leadership and strong growth potential and then I'll talk a bit about how excited we are about the combined company and its prospects.

我們認為 Sky 是一家令人難以置信且獨特的獨立業務，與 Comcast 完美契合，希望您得出相同結論的最佳方式是直接從 Jeremy 那裡聽到 Sky 的市場地位、品牌領導力和強大的增長潛力，然後我我們將談一談我們對合併後的公司及其前景感到多麼興奮。

Jeremy, welcome.

傑里米，歡迎。

Okay.

好的。

Thank you, Brian, and good morning, everybody.

謝謝你，布賴恩，大家早上好。

Today, I'm going to cover 2 things.

今天，我將介紹兩件事。

First, I'll explain a little bit about Sky's business and then I'll talk about our existing plans to grow the business over the medium term and why I'm confident we'll succeed.

首先，我將解釋一下 Sky 的業務，然後我將討論我們現有的中期業務增長計劃，以及為什麼我相信我們會成功。

So let's get going on Slide 4. The first thing to say is, of course, Europe is somewhat different from the U.S. Markets in Europe are generally less penetrated and therefore, have much greater headroom for growth, the ability to acquire content exclusively is typically much greater.

所以讓我們繼續幻燈片 4。首先要說的是，當然，歐洲與美國有些不同。歐洲市場的滲透率通常較低，因此具有更大的增長空間，獨家獲取內容的能力通常是更大。

We're much less reliant on the big bundle and of course, the competitive landscape is somewhat different in Europe to the U.S. With that backdrop, Sky today is Europe's leader in entertainment and communications.

我們對大捆綁的依賴要少得多，當然，歐洲的競爭格局與美國有所不同。在這種背景下，Sky 今天是歐洲娛樂和通信領域的領導者。

We uniquely combined a scale direct-to-consumer business with a scale content business.

我們獨特地將規模直接面向消費者的業務與規模內容業務相結合。

And that means we're not just an aggregator of content.

這意味著我們不僅僅是內容的聚合器。

We have direct operational businesses in 7 territories, including 4 of the 5 largest and most valuable TV markets in Western Europe.

我們在 7 個地區擁有直接運營業務，其中包括西歐 5 個最大和最有價值的電視市場中的 4 個。

Now you can also see on this slide the territories where our brand has a presence through services like Sky News, which of course, starts to seed the ground for future development.

現在，您還可以在這張幻燈片上看到我們的品牌通過 Sky News 等服務所涉足的領域，這當然開始為未來的發展奠定基礎。

We have 27 million households as customers.

我們有 2700 萬戶家庭作為客戶。

This includes 23 million direct relationships and 4 million customers who access Sky channels through other platforms, such as cable in the U.K., with both routes to market offering similar economics.

這包括 2300 萬直接關係和 400 萬通過其他平台（例如英國的有線電視）訪問 Sky 頻道的客戶，這兩條進入市場的途徑都提供類似的經濟效益。

As a result, we've got a high share of more than 60%, on average in our core territories, that gives us real brand strength.

因此，我們在核心領域的平均佔有率超過 60%，這賦予了我們真正的品牌實力。

Turning to Slide 5. We're Europe's leader in content by some margin.

轉到幻燈片 5。我們在內容方面處於歐洲領先地位。

We have the #1 channels in all of the genres that matter most to customers.

我們在對客戶最重要的所有類型中都有排名第一的頻道。

So Sky One, Sky Atlantic, Sky Cinema and Sky Sports are the must-have set of channels in each of our markets, generating over half of all pay viewing.

因此，Sky One、Sky Atlantic、Sky Cinema 和 Sky Sports 是我們每個市場的必備頻道，佔所有付費收視率的一半以上。

So when customers think about the key pay channels for drama for example, they think about Sky Atlantic, which combines exclusive rights to the output of HBO and Showtime with our own high-quality and distinctive local content.

因此，當客戶想到電視劇的主要付費渠道時，他們會想到 Sky Atlantic，它將 HBO 和 Showtime 的獨家版權與我們自己的高質量和獨特的本地內容相結合。

In our markets, having the best local content is important to success.

在我們的市場中，擁有最好的本地內容對成功很重要。

So Gomorrah in Italy, and Das Boot in Germany are just 2 recent examples where we're taking local stories and bringing them to customers with great success.

因此，意大利的 Gomorrah 和德國的 Das Boot 只是最近的兩個例子，我們正在利用當地故事並將它們帶給客戶並取得巨大成功。

Today, 4 out of the 5 top shows viewed on Sky One and Sky Atlantic will be Sky Originals.

今天，在 Sky One 和 Sky Atlantic 上觀看的 5 個頂級節目中有 4 個將是 Sky Originals。

Similarly, in Sky Cinema, customers are used to having a single destination for the best movies.

同樣，在 Sky Cinema，客戶習慣於在單一目的地觀看最佳電影。

It's the only place to see the latest and freshest titles months before any other channels or SVOD.

這是在任何其他頻道或 SVOD 之前幾個月看到最新和最新鮮的標題的唯一地方。

So we have deals with all the major studios and in Italy and Germany, as combined with local movies, which are very important to customers.

因此，我們與意大利和德國的所有主要製片廠都有交易，並結合當地電影，這對客戶來說非常重要。

For example, in Italy, 9 of the 10 most watched films on Sky Cinema were local.

例如，在意大利，Sky Cinema 收視率最高的 10 部電影中有 9 部是本地電影。

Sky Sports is the leading broadcaster in each of our markets by a long way.

天空體育是我們各個市場的領先轉播商。

We have over 90% of our rates already secured through 2021, including the majority of all soccer that matters and other key sports, such as cricket and Formula One in the U.K.; Handball in Germany; and Motorsport in Italy.

到 2021 年，我們已經確保了超過 90% 的費率，包括大部分重要的足球和其他關鍵運動，例如英國的板球和一級方程式；德國手球；和意大利的賽車運動。

Now our channels play a vital role in the success of our DTC business, which as you can see on Slide 6, is built around 4 pillars.

現在，我們的渠道在我們 DTC 業務的成功中發揮著至關重要的作用，正如您在幻燈片 6 中看到的那樣，它圍繞 4 個支柱構建。

Firstly, we provide the very best and broadest range of content for every household and everyone in that household.

首先，我們為每個家庭和該家庭中的每個人提供最好和最廣泛的內容。

Second, we deliver the best innovation across a broad range of products and services and we're widely seen in Europe as a leader in this space.

其次，我們在廣泛的產品和服務中提供最好的創新，我們在歐洲被廣泛視為該領域的領導者。

Third, we deliver world-class customer service and we make the Sky experience better than anywhere else.

第三，我們提供世界一流的客戶服務，我們讓 Sky 體驗比其他任何地方都好。

And then finally, we underpin all of these through consumer data and insight.

最後，我們通過消費者數據和洞察力支持所有這些。

So right across the value chain, whether it be in content creation, product development or customer care, we optimize our decisions to best serve customers and we've built highly integrated operations to achieve this.

因此，在整個價值鏈中，無論是內容創建、產品開發還是客戶服務，我們都會優化我們的決策以最好地為客戶服務，並且我們已經建立了高度集成的運營來實現這一目標。

Turning now to Slide 7. We have a very strong brand.

現在轉到幻燈片 7。我們有一個非常強大的品牌。

It's the strongest brand in our space and it's considered #1 for entertainment.

它是我們空間中最強大的品牌，被認為是娛樂領域的第一名。

It's particularly well known across Europe and regularly reaches now some 120 million people, delivering good awareness, should we want to roll out our new services to new territories.

如果我們想將我們的新服務推廣到新的地區，它在歐洲尤其知名，現在定期覆蓋約 1.2 億人，提供了良好的意識。

Over recent years, we've developed and launched a second brand called NOW TV.

近年來，我們開發並推出了名為 NOW TV 的第二個品牌。

Now this allows us to broaden our reach to all customer segments and it provides us with additional ways to grow.

現在，這使我們能夠擴大我們對所有客戶群的影響，並為我們提供了更多的增長方式。

So we are the only significant virtual MVPD in our markets in a way that's highly complementary to our Sky service.

因此，我們是市場上唯一重要的虛擬 MVPD，與我們的 Sky 服務高度互補。

Now this brand strength gives us the legitimacy to offer customers more, and we know that they want to take more from us.

現在，這種品牌實力賦予了我們為客戶提供更多服務的合法性，我們知道他們想從我們這裡獲得更多。

So over time, we've driven penetration of new TV products, such as high-definition, multiscreen and now Sky Q, and we're expanding into home communications and mobile from a standing start.

因此，隨著時間的推移，我們推動了新電視產品的滲透，例如高清、多屏和現在的 Sky Q，並且我們正從一開始就擴展到家庭通信和移動設備。

By extending our brands into more categories, we have a broader field of opportunity, we provide more volume to customers and we get more in return.

通過將我們的品牌擴展到更多類別，我們擁有更廣闊的機會領域，我們為客戶提供了更多的銷量，我們獲得了更多的回報。

We have a strong and experienced management team that have been together now for a long time and understand what it takes to win in dynamic and diverse European markets.

我們擁有一支強大且經驗豐富的管理團隊，他們已經合作了很長時間，並且了解如何在充滿活力和多樣化的歐洲市場中取勝。

We've executed a clear and consistent strategy over an extended period of time and this has delivered growth in all conditions, including different competitor situations, technological change and a variety of economic backdrops.

我們在很長一段時間內執行了明確且一致的戰略，這在所有條件下都實現了增長，包括不同的競爭對手情況、技術變革和各種經濟背景。

So as you can see on Slide 8, over the last 10 years, we've more than doubled our customer base.

正如您在幻燈片 8 上看到的那樣，在過去 10 年中，我們的客戶群增加了一倍多。

We've grown revenues by 11% compound.

我們的收入複合增長了 11%。

We've carefully managed cost to enable us to increase EBITDA by 9% and cash flows by 7% per year.

我們精心管理成本，使我們能夠將 EBITDA 每年增加 9%，現金流量增加 7%。

At the same time, we've continued to invest in future growth in the short term for a much bigger, longer term gain.

與此同時，我們繼續在短期內投資於未來的增長，以獲得更大、更長期的收益。

So that's a bit about who we are.

所以這有點關於我們是誰。

I now wanted to focus on our plans for future growth.

我現在想專注於我們的未來增長計劃。

As you can see on Slide 10, we've got a strong set of plans, and having put in place a number of building blocks over the last few years, we're now focused on executing these.

正如您在幻燈片 10 中看到的那樣，我們制定了一套強有力的計劃，並且在過去幾年中建立了許多構建模塊，我們現在專注於執行這些計劃。

I'll take a few moments to talk about the priority areas that will deliver future growth.

我將花一些時間來談談將帶來未來增長的優先領域。

So if you can turn to Slide 11.

因此，如果您可以轉到幻燈片 11。

Our first priority is to grow in all segments of Pay TV.

我們的首要任務是在付費電視的所有領域發展。

Today, we have a range of products and services that meet customers' needs at a variety of price points.

今天，我們擁有一系列產品和服務，能夠以各種價位滿足客戶的需求。

From pay-as-you-go NOW TV to the Sky Q for the ultimate experience, we believe that we've got a service and a product for you.

從現收現付的 NOW TV 到終極體驗的 Sky Q，我們相信我們為您提供了服務和產品。

DTT in Italy is the latest example of how we've opened up that segment as another major route to market and it provides access to an installed base of some 2 million homes not previously available to us.

意大利的 DTT 是我們如何將該細分市場作為另一個主要市場途徑開闢的最新示例，它提供了對大約 200 萬戶家庭的安裝基礎的訪問權，這些家庭以前無法提供給我們。

And we've recently launched our first Sky service without the need for a satellite dish.

我們最近推出了我們的第一個 Sky 服務，無需衛星天線。

And this is potentially a major development for us, it opens up headroom in the existing markets for some customer segments.

這對我們來說可能是一個重大發展，它為某些客戶群在現有市場開闢了空間。

And just to shape that for you, we've estimated that as many as 6 million households today can't have or don't want a dish.

只是為了為您塑造這一點，我們估計今天有多達 600 萬個家庭沒有或不想要一道菜。

In addition, it provides another way to take Sky into new territories to broaden our growth opportunity further over time.

此外，它提供了另一種將 Sky 帶入新領域的方式，隨著時間的推移進一步擴大我們的增長機會。

Now underpinning that growth in Pay TV is our investment in content.

現在支撐付費電視增長的是我們對內容的投資。

Today, we spend around $9 billion each year on screen.

今天，我們每年在銀幕上的花費約為 90 億美元。

As I've outlined on Slide 12, we've got 3 priorities for investment.

正如我在幻燈片 12 中概述的那樣，我們有 3 個投資重點。

First, continuing to maintain our position as #1 in both sports and movies.

首先，繼續保持我們在體育和電影領域的第一名。

Second, building our investment in Sky originals.

其次，建立我們對天空原件的投資。

So for example, this year, we'll show 25% more hours of drama and around 50% will be returning series.

因此，例如，今年，我們將多展示 25% 的電視劇時長，大約 50% 將是回歸劇集。

In Germany and Austria, where local quality content is a particularly underserved market, we'll invest around 4x more this year, being the likes of Das Boot and Acht Tage to customer screens.

在德國和奧地利，當地優質內容是一個特別缺乏服務的市場，我們今年將投資大約 4 倍，將 Das Boot 和 Acht Tage 之類的產品用於客戶屏幕。

Third, we'll continue to build partnerships, including adding the most relevant app providers in order to provide more choice and value to customers by aggregating all of the important content in one place in a way that's easy to use for customers.

第三，我們將繼續建立合作夥伴關係，包括添加最相關的應用程序提供商，以便通過以易於客戶使用的方式將所有重要內容聚合在一個地方，為客戶提供更多選擇和價值。

Now alongside that, we're increasingly able to make choices across our portfolio to optimize and save cost.

現在，除此之外，我們越來越能夠在我們的產品組合中做出選擇，以優化和節省成本。

So you should expect us to reduce our investment in things like second-tier sports rights, where they're not delivering value, and to reduce the volume of more niche movies and linear entertainment channels because of the quality of the on-demand service that we've built.

因此，您應該期望我們減少對二線體育轉播權等無法帶來價值的投資，並減少更多小眾電影和線性娛樂頻道的數量，因為點播服務的質量我們已經建成。

Now in addition, you will also have seen the savings we achieved with the new Premier League contract, and we could now choose to let that flow through to the bottom line or invest some of it where we see further opportunity.

現在，此外，您還將看到我們通過新的英超聯賽合同實現的節省，我們現在可以選擇讓這些節省下來，或者將其中的一部分投資到我們看到更多機會的地方。

Turning to slide 13.

轉到幻燈片 13。

One of the reasons that I'm confident that we can keep delivering future growth is that we operate in attractive markets with significant headroom.

我有信心我們能夠繼續實現未來增長的原因之一是我們在具有巨大空間的有吸引力的市場中運營。

Today, we have access to potentially 118 million addressable households to sell our products and services into.

今天，我們可以接觸到潛在的 1.18 億個可尋址家庭來銷售我們的產品和服務。

However, with penetration at just 34%, there's some 78 million households yet to take Pay TV across our existing territories alone.

然而，由於普及率僅為 34%，僅在我們現有的地區就有大約 7800 萬個家庭尚未使用付費電視。

And we don't need to capture much of that headroom to grow significantly.

而且我們不需要抓住大部分空間來顯著增長。

So just by way of example, if Sky captured 10% of that headroom, we grow by a further 8 million households and I think that's something that's more than achievable given the strength of our brand and our market-leading proposition.

因此，僅舉例來說，如果 Sky 佔據了該淨空的 10%，我們將再增加 800 萬個家庭，我認為鑑於我們的品牌實力和我們的市場領先主張，這是可以實現的。

Now growing customer base creates more headroom for cross sell and here too, we've got a focused set of plans, which we've outlined on Slide 14.

現在，不斷增長的客戶群為交叉銷售創造了更多空間，我們也有一套重點計劃，我們在幻燈片 14 中進行了概述。

Now central to this are our plans in Italy, where we'll replicate what we did in the U.K., with of course, great success.

現在的核心是我們在意大利的計劃，我們將在那裡複製我們在英國所做的事情，當然，取得了巨大的成功。

So following our deal with Open Fiber, we'll launch triple play next year, offering true fiber to the premise over their next generation network.

因此，在我們與 Open Fiber 達成協議之後，我們將在明年推出三網合一，通過他們的下一代網絡為前提提供真正的光纖。

And not only will this allow us to increase the number of products per customer, it will also unlock further Pay TV headroom.

這不僅可以讓我們增加每位客戶的產品數量，還可以釋放更多的付費電視空間。

We also plan to grow the penetration of fiber within our U.K. broadband base, which has more than doubled in 2 years.

我們還計劃在我們的英國寬帶基礎中增加光纖的滲透率，該基礎在 2 年內翻了一番以上。

There's good customer demand for higher speeds and with significantly lower pricing from our new agreement with BT Openreach, we can accelerate take-up whilst achieving good margins.

我們與 BT Openreach 的新協議對更高的速度有很好的客戶需求，並且定價顯著降低，我們可以在實現良好利潤的同時加快使用速度。

And then finally, we're going to scale Sky Mobile to be the U.K.'s leading MVNO.

最後，我們將把 Sky Mobile 擴展為英國領先的 MVNO。

We launched 18 months ago and we've had a good start.

我們在 18 個月前推出，我們有一個良好的開端。

We've added 650,000 customers to date and we're taking strong share of new handset sales.

迄今為止，我們已經增加了 650,000 名客戶，並且我們在新手機銷售中佔據了很大份額。

Now we also believe we can scale our adjacent businesses, leveraging the investments we're making in content and technology.

現在我們也相信我們可以利用我們在內容和技術方面的投資來擴展我們的相鄰業務。

So let me just give you a few examples, which I've laid out on Slide 15 to bring that to life.

所以讓我給你舉幾個例子，我在幻燈片 15 上列出了這些例子，以實現這一點。

Sky Store, our transactional business, is already the #1 digital retailer in the U.K. with a 30% to 40% share and we recently launched the service in our other markets to replicate this success.

我們的交易業務 Sky Store 已經是英國排名第一的數字零售商，佔有 30% 到 40% 的份額，我們最近在其他市場推出了這項服務以復制這一成功。

Our advertising business already generates more than $1 billion a year.

我們的廣告業務每年已經產生超過 10 億美元的收入。

We'll scale it further by increasing our inventory and pricing whilst extending our leadership position in advanced advertising, which now contributes around 14% of all ad revenues.

我們將通過增加庫存和定價來進一步擴大規模，同時擴大我們在高級廣告領域的領先地位，目前該領域佔所有廣告收入的 14% 左右。

Now a key part of this story is Sky Ad Smart, that's our targeted advertising platform, which has grown significantly since its launch.

現在這個故事的一個關鍵部分是 Sky Ad Smart，這是我們的定向廣告平台，自推出以來已顯著增長。

We've recently broadened its reach to new markets, services and platforms, all of which should propel its growth further.

我們最近將其範圍擴大到新的市場、服務和平台，所有這些都將進一步推動其增長。

And then finally, we'll monetize our increased investment in original content to grow our international licensing revenues.

最後，我們將通過增加對原創內容的投資獲利，以增加我們的國際許可收入。

Turning to operating efficiency on Slide 16, which has been a big area of focus for the last 10 years.

轉向幻燈片 16 的運營效率，這在過去 10 年中一直是重點關注的領域。

We've developed it as a core capability within the organization and our progress has been significant, reducing costs from 45% to 33% of revenue today.

我們已將其開發為組織內的一項核心能力，我們的進步非常顯著，將成本從今天的收入的 45% 降低到 33%。

Casting forward, we have a comprehensive set of initiatives across each of our markets, built upon the 4 key pillars you can see on this slide.

展望未來，我們在每個市場都有一套全面的舉措，建立在您在這張幻燈片上可以看到的 4 個關鍵支柱之上。

And with over $7 billion of non-programming costs to target, there's still a lot to aim for to continue our progress.

並且有超過 70 億美元的非編程成本目標，還有很多目標要繼續我們的進步。

So if you bring all that together, Slide 17 illustrates how our plan delivers continued growth over the medium term.

因此，如果您將所有這些放在一起，幻燈片 17 說明了我們的計劃如何在中期實現持續增長。

It also gives us many choices, about how we can grow and it provides for our continued investment on screen and in new innovation.

它還為我們提供了許多選擇，關於我們如何成長，並為我們在屏幕和新創新方面的持續投資提供了條件。

Importantly, it's built on the same strategy that we've consistently executed over a number of years.

重要的是，它建立在我們多年來一直執行的相同策略之上。

We've already done a lot of the groundwork, putting in place the foundations to secure it and I'm confident we'll continue to deliver strong returns.

我們已經做了很多基礎工作，奠定了基礎以確保它，我相信我們將繼續提供強勁的回報。

So in summary, on Slide 18.

總之，在幻燈片 18 上。

As Europe's leading entertainment and communications business, we are in a strong position to succeed.

作為歐洲領先的娛樂和通信企業，我們處於成功的有利位置。

We have the skills in place and a broad field of opportunity to exploit, and we have a clear and strong set of plans to deliver growth.

我們擁有適當的技能和廣闊的開發機會領域，我們有一套清晰而有力的計劃來實現增長。

We're excited about being part of a broader, more global organization.

我們很高興能成為一個更廣泛、更全球化的組織的一部分。

Our initial interactions with Comcast have been really good and I must just compliment the senior team here on the approach they've taken with us and the business they've built.

我們與康卡斯特的最初互動非常好，我必須讚揚這裡的高級團隊對我們採取的方法以及他們建立的業務。

I intend to stick around and I'm looking forward to leading Sky into the future.

我打算留下來，我期待著帶領 Sky 走向未來。

We're all energized by the next phase of growth and the additional opportunities that being part of Comcast will bring on top of delivering our existing plans.

我們都對下一階段的增長充滿活力，成為康卡斯特一部分的額外機會將在交付我們現有計劃的基礎上帶來。

So with that, I'll now hand you back to Brian.

有了這個，我現在把你交給布賴恩。

Jeremy, really well done.

傑里米，幹得好。

Thank you.

謝謝你。

So as you've just heard, Sky is a great business with terrific organic growth ahead and they operate with leadership positions in attractive markets as well as having the premier brand.

因此，正如您剛剛聽到的，Sky 是一家偉大的企業，未來的有機增長非常可觀，他們在有吸引力的市場中處於領先地位，並擁有一流的品牌。

Jeremy, along with Rupert and James Murdoch and so many others, have built a sensational company and that's why this process was so competitive.

Jeremy 與 Rupert 和 James Murdoch 以及許多其他人一起建立了一家轟動一時的公司，這就是為什麼這個過程如此具有競爭力。

Together, we make each other even better.

我們一起讓彼此變得更好。

The combined company is a broadly diversified, global leader across video, broadband, content and distribution, with 53 million high-value direct customer relationships in 3 of the world's 5 largest GDP economies.

合併後的公司是視頻、寬帶、內容和分發領域廣泛多元化的全球領導者，在全球 5 個最大的 GDP 經濟體中的 3 個擁有 5300 萬個高價值直接客戶關係。

And now the largest Pay TV operator and fixed broadband provider in developed economies with #1 positions in U.S. cable, #1 U.S. broadband, and #1 U.K. Pay TV.

現在是發達經濟體中最大的付費電視運營商和固定寬帶提供商，在美國有線電視排名第一、美國寬帶排名第一和英國付費電視排名第一。

Sky triples our footprint of homes we can directly sell our TV products into, now nearly 200 million and nearly doubles our broadband footprint.

Sky 將我們可以直接向其銷售電視產品的家庭的足跡增加了兩倍，現在接近 2 億，我們的寬帶足跡幾乎翻了一番。

When you combine the NBC Broadcast and cable channel portfolio, and now includes Sky-branded entertainment, sports, movies, news channels, we become the leader in viewership share across all 4 primary Pay TV geographies.

當您將 NBC 廣播和有線頻道組合（現在包括 Sky 品牌的娛樂、體育、電影、新聞頻道）組合在一起時，我們將成為所有 4 個主要付費電視地區的收視率領導者。

And all of this is built around subscription based and recurring revenue businesses, which has allowed us to grow EBITDA for 23 straight years, and Sky adds to this highly desirable formula.

所有這一切都是圍繞基於訂閱和經常性收入的業務建立的，這使我們能夠連續 23 年實現 EBITDA 增長，而 Sky 也加入了這個非常理想的公式。

Core to this formula is a great culture and strong leadership.

這個公式的核心是偉大的文化和強大的領導力。

In fact, as we've spent more and more time with Sky's management in the past month, I've been struck by the similarity of mission: Connect more people to the moments that matter with products and content that they love.

事實上，隨著我們在過去一個月中與 Sky 的管理層相處的時間越來越多，我對使命的相似性感到震驚：用他們喜愛的產品和內容將更多的人連接到重要的時刻。

With a global footprint, Xfinity, Sky, NBC and Universal, now position Comcast to play an increasingly influential role in shaping media and technology for decades to come.

憑藉 Xfinity、Sky、NBC 和 Universal 的全球足跡，現在康卡斯特將在未來幾十年塑造媒體和技術方面發揮越來越大的影響力。

That's why we're so excited.

這就是為什麼我們如此興奮。

Jason, over to you for questions.

傑森，向你提問。

Okay.

好的。

Thanks, Brian.

謝謝，布賴恩。

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

里賈納，請讓我們打開這部分問答電話。

(Operator Instructions) Our first question comes from the line of Jason Bazinet with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Jason Bazinet。

Just had a question for Mr. Roberts.

剛想問羅伯茨先生。

One of the most common questions we get from investors is how you sort of got comfortable with paying the price you paid for Sky and still create economic value?

我們從投資者那裡得到的最常見的問題之一是，您如何在支付您為 Sky 支付的價格並仍然創造經濟價值時感到舒服？

And I was just wondering if you could, in simple terms, maybe try and disaggregate how much of it was your perception that Sky was just mispriced in the market as an undisturbed equity value before this process started, in terms of whatever Sky's stand-alone business strategy was?

我只是想知道你是否可以，簡單地說，也許試著分解你認為在這個過程開始之前，Sky 在市場上被錯誤定價為不受干擾的股權價值，無論 Sky 是獨立的，經營戰略是什麼？

And how much of it is a function of, sort of the new collection of assets and capabilities that you have as a pro forma entity?

其中有多少是您作為備考實體所擁有的新資產和能力集合的功能？

Okay.

好的。

Thanks, Jason.

謝謝，傑森。

First of all, today, we moved forward and we are excited about the road ahead.

首先，今天，我們向前邁進，我們對未來的道路感到興奮。

But to that question, you never know exactly how securities are priced and what the motivating factors are.

但是對於這個問題，你永遠不知道證券是如何定價的，以及激勵因素是什麼。

But I do think it was mispriced, whether that's because for 5 years, it's been in a variety of M&A flux, because there's -- was a large shareholder, because there was regulatory uncertainty, whatever it may be.

但我確實認為它定價錯誤，無論是因為 5 年來，它一直處於各種併購浪潮中，因為有 - 是一個大股東，因為存在監管不確定性，無論它可能是什麼。

There's also been a change in the actual market, as Jeremy just laid out, in terms of the sports rights and competitiveness and sort of new business opportunities that are just about to emerge in Italy, launching broadband and other things that we just heard.

正如傑里米剛剛指出的那樣，實際市場也發生了變化，就體育權利和競爭力而言，意大利即將出現的新商機，推出寬帶和我們剛剛聽到的其他事情。

And then I look at the fact, as I said earlier, Disney bid 10% less and that's exactly the amount we bid less than they did on Fox.

然後我看看事實，正如我之前所說，迪士尼的出價低了 10%，而這正是我們對福克斯的出價低於他們的出價。

These are super desirable assets when put together with a company like Comcast, and the fit makes it stronger.

當與康卡斯特這樣的公司放在一起時，這些都是非常理想的資產，而且合身使其更強大。

So first, as a stand-alone, I think it supports the values.

所以首先，作為一個獨立的，我認為它支持這些價值觀。

Together, I think it increases the value.

總之，我認為它增加了價值。

Time will tell.

時間會證明一切。

And it's -- I go back to the people who have a tremendous knowledge of the company and the roadmaps we all want to develop, and who are stockholders themselves with probably a larger percentage of their net worth than anybody else, who are the senior employees.

而且是——我回到那些對公司和我們都想制定的路線圖有豐富了解的人，他們自己是股東，他們的淨資產可能比其他任何人都大，他們是高級員工.

And the senior employees are extremely energized and motivated that this transforms the company and gives us opportunity to build shareholder value and we're hard at work to do that.

高級員工非常有活力和動力，因為這改變了公司，給了我們創造股東價值的機會，我們正在努力做到這一點。

Your next question comes from the line of Kannan Venkateshwar with Barclays.

您的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So a couple from me, if possible.

如果可能的話，請從我這裡來一對。

On the Sky side, Brian, do you think the asset is fully scaled as it is today?

在天空方面，Brian，您認為資產是否像今天一樣完全擴展？

And is there anything that you can use, potentially from the U.S. business, to drive synergy upside?

你有什麼可以利用的東西，可能來自美國業務，來推動協同效應的上升？

For example, maybe using your scale across a sub base of 50 million plus to negotiate programming deals, for instance?

例如，也許使用您在 5000 萬以上的子基數中的規模來談判編程交易？

And secondly, on the capital intensity front, both Comcast and Sky spend a lot of money on software.

其次，在資本密集度方面，康卡斯特和天空電視台都在軟件上花費了大量資金。

And obviously, there are similar products across both footprints.

顯然，這兩個足跡都有類似的產品。

So could you help us understand what kind of upside we can see from that front.

那麼，您能否幫助我們了解我們可以從這方面看到什麼樣的好處。

Well, let me kick that off.

好吧，讓我開始吧。

Those are all important aspects of work that's underway.

這些都是正在進行的工作的重要方面。

Let me start with the question about Sky and opportunities for better scale.

讓我從關於 Sky 和擴大規模的機會的問題開始。

Absolutely.

絕對地。

I mean, that's a big motivator of what will reveal itself -- for years and years to come, and some of it will be right away on some expenses.

我的意思是，這是一個很大的動力，它會顯露出來——在未來的歲月裡，其中一些會立即出現在一些費用上。

But the real opportunity is with north of 50 million homes, triple the footprint, innovation, purchasing, relationships, new products, where the world may head.

但真正的機會在於擁有 5000 萬戶家庭、三倍的足跡、創新、採購、關係、新產品，世界可能會走向何方。

That's what makes it so exciting and we've always believed scale mattered.

這就是它如此令人興奮的原因，我們一直認為規模很重要。

That's been true.

這是真的。

I think that's why our results at Comcast Cable were so stellar.

我認為這就是我們在康卡斯特有線電視公司的業績如此出色的原因。

That's why NBCUniversal has been able to grow as much as it has and I think Sky is a leader in its market.

這就是為什麼 NBCUniversal 能夠實現如此大的增長，我認為 Sky 是其市場的領導者。

So that -- when you're doing something in a new market, you like to be the best.

所以——當你在一個新市場做某事時，你想成為最好的。

It's hard to build that when you're starting behind and now we're fortunate to have the best products and the best leadership in the best markets.

當你開始落後時很難建立它，現在我們很幸運在最好的市場擁有最好的產品和最好的領導。

Jeremy?

傑里米？

Yes, just a couple of things to start.

是的，只有幾件事要開始。

I mean, first of all, it seems to me, if you think of the combined entity now, 50 million household relationships, monetizing it in the way that we're doing that and with the level of relationship and penetration that we've got together, I can't think of another business that has that element of scale to it today and obviously, we'll be thinking about what does that mean and then how can we take advantage of that together.

我的意思是，首先，在我看來，如果你現在考慮合併後的實體，5000 萬個家庭關係，以我們正在這樣做的方式以及我們所擁有的關係和滲透水平將其貨幣化在一起，我想不出今天有另一家具有這種規模元素的企業，顯然，我們將考慮這意味著什麼，然後我們如何一起利用它。

I think Sky in the U.K. and Ireland clearly has got an outstanding market position.

我認為 Sky 在英國和愛爾蘭顯然擁有出色的市場地位。

And from our own business has provided a footprint that we're now trying to roll out elsewhere.

我們自己的業務提供了一個足跡，我們現在正試圖在其他地方推廣。

We're making really good progress in Italy.

我們在意大利取得了非常好的進展。

Germany is a less mature market but it's got massive potential if we can get it right over the next few years.

德國是一個不太成熟的市場，但如果我們能在未來幾年內把它做好，它就有巨大的潛力。

There's certainly a huge amount of growth to go for, in our mind, in Europe, and my strong belief is that as part of a broader group, we're just going to be better able to figure that out and take advantage of that opportunity from the position that we start with today.

在我們看來，歐洲肯定有巨大的增長空間，我堅信，作為更廣泛群體的一部分，我們將能夠更好地弄清楚這一點並利用這個機會從我們今天開始的位置開始。

I think in terms of your second point around the maybe the software and capital intensity, look, we're at the outset now and starting to think about the opportunities together.

我認為就您關於軟件和資本密集度的第二點而言，看，我們現在一開始就開始考慮機會。

There are obvious things I can immediately see that we'll exploit.

我可以立即看到我們將利用的明顯事物。

And we're not going to front-run those, we're obviously going to develop our plans and then execute them.

我們不會搶先一步，我們顯然會制定我們的計劃，然後執行它們。

But some of the capabilities, for example, what Dave has just been talking about today in the core cable business, what he's doing with products like xFi, for example, immediately I can see opportunity for us to take some of those learnings and accelerate the position either we've got in broadband in the U.K. today or as we get into the broadband market in Italy.

但是一些能力，例如，戴夫今天剛剛談到的核心有線電視業務，他正在使用 xFi 等產品做什麼，例如，我可以立即看到我們有機會吸取其中的一些知識並加速無論是我們今天在英國的寬帶市場還是在我們進入意大利的寬帶市場時都處於領先地位。

So there'll be more of that to come.

所以會有更多這樣的事情發生。

I'm very confident.

我非常有信心。

Your next question comes from the line of John Hodulik with UBS.

您的下一個問題來自瑞銀的 John Hodulik。

Great.

偉大的。

Can we talk about the combined company's DTC plans?

我們能談談合併後公司的 DTC 計劃嗎？

I guess, first on the SVOD side, you got Disney and now AT&T talking about launching SVOD products.

我想，首先在 SVOD 方面，迪士尼和現在 AT&T 都在談論推出 SVOD 產品。

Given the combined capabilities of the company, what can we expect from Comcast in that regard?

鑑於公司的綜合能力，我們在這方面對康卡斯特有什麼期望？

And then maybe on the linear virtual side.

然後也許在線性虛擬方面。

Obviously, you've got Sky Now and that's doing well.

顯然，您擁有 Sky Now，而且效果很好。

I mean, and maybe for Jeremy, as you talked about the growth in these new markets, is that going to be led by SKY NOW?

我的意思是，也許對於 Jeremy，當你談到這些新市場的增長時，這將由 SKY NOW 領導嗎？

And maybe talk a little bit about the economics of that product versus what we're seeing on the virtual side here in the U.S.?

也許談談該產品的經濟性與我們在美國虛擬方面看到的情況？

Well, with all the announcements of new streaming services, we'd be remiss if we didn't look at it very carefully.

好吧，隨著新流媒體服務的所有公告，如果我們不仔細查看它，我們就會失職。

Where we come out, is that streaming obviously, is going to be a part of our business but is not a substitute for what is currently a very good business in television.

我們出來的地方是，流媒體顯然將成為我們業務的一部分，但不能替代目前非常好的電視業務。

By the way, our shows are very popular on streaming services.

順便說一句，我們的節目在流媒體服務上很受歡迎。

The Office is often the #1 show on Netflix within a month.

《辦公室》通常是一個月內 Netflix 上排名第一的節目。

We're a big percentage of Hulu.

我們是 Hulu 的很大一部分。

Our kids products that are made by DreamWorks Animation are very popular on Netflix.

我們由夢工廠動畫製作的兒童產品在 Netflix 上非常受歡迎。

So we have a lot of shows that are currently very popular on streaming services.

所以我們有很多目前在流媒體服務上非常受歡迎的節目。

And we're looking at different ways that we could accelerate our business in terms of streaming.

我們正在尋找不同的方式來加速我們在流媒體方面的業務。

But we're doing everything with the notion that we have an existing business that's terrific, that we want to protect and nurture and continue to build.

但我們所做的一切都是為了我們擁有一個非常棒的現有業務，我們想要保護、培育和繼續建設。

And I think time will tell.

我認為時間會證明一切。

I think there's been a little bit of a rush to, oh, the traditional television business is over and we've got to get into streaming.

我認為有點急於，哦，傳統的電視業務已經結束，我們必須進入流媒體。

Streaming, we think is very challenging economically and we don't want to rush into anything that -- in any way, could sort of take what has been a tremendous television business and make it worse.

流媒體，我們認為在經濟上是非常具有挑戰性的，我們不想急於做任何事情——無論如何，這可能會奪走一個巨大的電視業務並使情況變得更糟。

I'd say in terms of Sky more generally, I'll come onto the second question on NOW as part of this.

我會更一般地說，就 Sky 而言，我將在 NOW 上討論第二個問題，作為其中的一部分。

I mean, if you look, first of all, we've stepped into and we'll continue to step into new consumer trends and technologies.

我的意思是，如果你看一下，首先，我們已經涉足並將繼續涉足新的消費趨勢和技術。

So we started, for example, distributing over-the-top in the U.K. with a product called Sky Player, as far back as 2005, I think?

所以我們開始，例如，早在 2005 年，我想，我們就開始在英國使用名為 Sky Player 的產品進行頂級分銷？

Today, in all our markets, we seek to distribute overall technologies, so whether it's over the cable networks, through our own satellite and hybrid systems, through OTT, through mobile networks, all the mobile operators, for example, would carry a service like NOW TV.

今天，在我們所有的市場中，我們都在尋求分發整體技術，所以無論是通過有線網絡，通過我們自己的衛星和混合系統，通過 OTT，通過移動網絡，所有的移動運營商，例如，都會提供類似的服務現在電視。

And the reason is, is that we want to service most customers over all our markets.

原因是，我們希望為所有市場的大多數客戶提供服務。

And then do that in a complementary way.

然後以互補的方式做到這一點。

And that's been an effective way that we've continued to deliver sustained growth over time.

這是我們隨著時間的推移繼續實現持續增長的有效方式。

Now as part of that, we've been testing new ways, potential to get into other markets.

現在，作為其中的一部分，我們一直在測試進入其他市場的新方法和潛力。

We've launched in Spain over the last 12 months, we've just actually, one of the things we just completed the last quarter at Sky is put in place a new strategic OTT streaming platform, which would allow us to light up any other country very, very quickly.

過去 12 個月，我們在西班牙推出，實際上，我們剛剛在 Sky 上個季度完成的其中一件事是建立了一個新的戰略 OTT 流媒體平台，這將使我們能夠點亮任何其他國家非常非常快。

We'll decide, as and when is the right time to do that and what's the right brand to use.

我們將決定何時何地是正確的時間，以及使用什麼品牌。

But I think all of the building blocks from a European point of view are coming in place and clearly, to Steve's point, one of the things we're going to be doing is getting our heads together and thinking more generally now what might that mean.

但我認為，從歐洲的角度來看，所有的基石都已經到位，顯然，在史蒂夫看來，我們要做的一件事就是齊心協力，現在更廣泛地思考這可能意味著什麼.

Your next question comes from the line of Ben Swinburne with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ben Swinburne。

If I can ask two.

如果我可以問兩個。

Brian, if you put this deal in the context of say, NBC and even going back all the way to AT&T Broadband, you guys invested in the asset, sort of out of the gate and grew the revenue base faster than it was growing before.

布賴恩，如果你把這筆交易放在 NBC 的背景下，甚至回到 AT&T 寬帶，你們投資了這項資產，有點突然，收入基礎的增長速度超過了以前的增長速度。

If we look at Sky, it's been sort of a mid single-digit grower in the last couple of years.

如果我們看看 Sky，它在過去幾年中的增長速度是中等個位數。

Do you expect, if we think about sort of the 3- to 5-year view on Sky, a similar sort of invest into the business and then grow the top line faster?

如果我們考慮一下對 Sky 的 3 到 5 年的看法，您是否期望對業務進行類似的投資，然後更快地增長收入？

Or is this business just in a different place operationally than those deals and I'll just ask Jeremy, one of the things that I think people are focused on and you highlight it in your prepared remarks, is how much Sky has created value around licensing third-party content.

或者這項業務在運營上與那些交易不同，我只想問傑里米，我認為人們關注的一件事，你在準備好的評論中強調它，是 Sky 在許可方面創造了多少價值第三方內容。

You mentioned HBO.

你提到了HBO。

A lot of those companies are thinking strategically about going direct-to-consumer, including, I would imagine, in Europe.

其中很多公司都在戰略性地考慮直接面向消費者，我想，包括在歐洲。

How do you think about the risks around that, even if maybe financially, it makes sense to stay with Sky, could strategically they make a move away from you and then how do you manage the product and business in that event?

你如何看待這方面的風險，即使可能在財務上，留在 Sky 是有意義的，他們是否可以從戰略上離開你，那麼在這種情況下你如何管理產品和業務？

Well, let me start.

好吧，讓我開始吧。

I think that we're really excited and pleased with the management team at Sky and the people that we've met and the results that they've had.

我認為我們對 Sky 的管理團隊以及我們遇到的人以及他們所取得的成果感到非常興奮和高興。

While there is wonderful people at AT&T and NBCUniversal, in both cases, we made some early changes on day 1. We are delighted that Jeremy and many of the team -- the senior team, we hope and believe are all going to stay with the new company.

雖然 AT&T 和 NBCUniversal 的員工都很出色，但在這兩種情況下，我們在第一天就做出了一些早期的改變。我們很高興 Jeremy 和團隊中的許多人——我們希望並相信的高級團隊都將留在新公司。

So in that regard, there's a difference.

所以在這方面，是有區別的。

But I think, the trajectory of these businesses that excited us to want to own Sky is because there's growth and Jeremy laid, I think, a very compelling case out as to why Sky probably was misunderstood and maybe mispriced, back to that earlier question.

但我認為，這些讓我們興奮地想要擁有 Sky 的業務的發展軌跡是因為有增長，我認為 Jeremy 提出了一個非常有說服力的案例，說明為什麼 Sky 可能被誤解並且定價錯誤，回到之前的問題。

But they're also -- and you picked the right 2 deals.

但他們也是——而且你選擇了正確的 2 筆交易。

We've probably done over 100 deals over the career and the history of the company.

在公司的職業生涯和歷史上，我們可能已經完成了 100 多項交易。

But you picked the 2 that are really -- were transformative.

但是您選擇了真正具有變革性的 2 個。

Why is that?

這是為什麼？

Well, in the case of AT&T Broadband, it gave us scale in the U.S., made us the #1 cable company in terms of markets, and markets you can never get back.

好吧，就 AT&T 寬帶而言，它給了我們在美國的規模，使我們成為市場第一的有線電視公司，而市場是你永遠無法回頭的。

It was now or never in those great markets.

它現在或從未在那些偉大的市場中。

It was really John Malone's life work and Amos Hostetter's life's work, and NBCUniversal is a story, brands and -- Lew Wasserman's life work and the NBC and the iconic cable channels that they bought and created.

這真的是約翰·馬龍的畢生作品和阿莫斯·霍斯特的畢生作品，而 NBC 環球是一個故事、品牌和——盧·瓦瑟曼的畢生作品，以及 NBC 和他們購買和創建的標誌性有線頻道。

And the theme parks and Telemundo, and what we now enjoy as NBCUniversal.

還有主題公園和 Telemundo，以及我們現在享受的 NBCUniversal。

And in the case of Sky, really, Rupert Murdoch figured out a long time ago that television was going to transform itself and how could you be the #1 brand and he used a different technology than we used and those technologies are becoming less and less relevant as we look forward in an IP digital world.

就 Sky 而言，真的，魯珀特·默多克很久以前就發現電視將要改變自己，你怎麼能成為第一品牌，他使用的技術與我們使用的不同，而這些技術正變得越來越少正如我們在 IP 數字世界中所期待的那樣。

But he understood that customers wanted choice, they wanted the best provider and that, that was happening globally.

但他明白客戶想要選擇，他們想要最好的供應商，而這正在全球範圍內發生。

And that allowed him to create all the content.

這使他能夠創建所有內容。

That's the big difference.

這就是最大的不同。

It's not, as Jeremy said, it's not an aggregator, it's really a creator and that is a huge difference on the go forward economics and the growth rates, depending on how we execute.

正如傑里米所說，它不是一個聚合器，它真的是一個創造者，這對未來的經濟和增長率有很大的不同，這取決於我們的執行方式。

So I think it's stay tuned, but we feel as monumental a moment, at least I do, that this will open up the scale and the innovation.

所以我認為它會繼續關注，但我們覺得這是一個具有紀念意義的時刻，至少我是這樣，這將擴大規模和創新。

And I hope, in fullness of time, the revenues and the cash flow and ultimately, shareholder value that we've successfully done in moments like this and the first thing we had to do was go into the bond markets and incredibly successful offering, oversubscribed, and now we have the job handed to the operating team to go execute.

我希望，隨著時間的推移，我們在這樣的時刻成功實現的收入和現金流，以及最終的股東價值，我們要做的第一件事就是進入債券市場並獲得令人難以置信的成功發行，超額認購，現在我們已將工作交給運營團隊去執行。

Jeremy?

傑里米？

Yes, Ben, I do not -- I think first of all, to your point, I think one of the reasons we've been so successful working with third parties is, I would hope, we're a partner who gets it right strategically for all those, but also we get the economics right as well and we understand that any long term partnership needs to operate at both those levels.

是的，Ben，我沒有——我認為首先，就你的觀點而言，我認為我們與第三方合作如此成功的原因之一是，我希望，我們是一個做對的合作夥伴戰略上對所有這些人來說，但我們也得到了正確的經濟，我們明白任何長期的合作夥伴關係都需要在這兩個層面上運作。

Now I don't see any reason why we can't continue to do that for our major partners.

現在我看不出有什麼理由不能繼續為我們的主要合作夥伴這樣做。

I think there are a number of things that underpin our position, which means that we're in a good place.

我認為有很多東西可以支撐我們的立場，這意味著我們處於一個很好的位置。

Talked a little bit before about our broad distribution model and how we're seeking to monetize each of our markets across all customer segments and of course, that allows us to create the biggest pool of revenue, which ultimately we can decide to push back to our partners and reward people for staying with Sky.

之前談到了我們廣泛的分銷模式，以及我們如何尋求在所有客戶群中通過每個市場貨幣化，當然，這使我們能夠創造最大的收入池，最終我們可以決定推遲到我們的合作夥伴並獎勵與 Sky 合作的人們。

We've developed now an incredible range of content.

我們現在已經開發了一系列令人難以置信的內容。

I mean, in my tenure at Sky, that's probably been the single biggest thing that has changed.

我的意思是，在我在 Sky 任職期間，這可能是最大的變化。

So the breadth now of content that we have on Sky and via our on-demand service has never been greater.

因此，我們現在在 Sky 和通過我們的點播服務擁有的內容的廣度從未如此擴大。

And the good news from our point of view, is that gives us a lot of optionality around what we do.

從我們的角度來看，好消息是，這給了我們很多關於我們所做的事情的選擇權。

So we certainly have got a focus of -- on sort of our key partners that we want to maintain, there will be others where we can make choices and we're happy to do that.

所以我們當然有一個重點——我們想要維持的關鍵合作夥伴，還有其他我們可以做出選擇的合作夥伴，我們很樂意這樣做。

And as part of that, of course, we've developed our own originated content to a much greater scale, whether that's in drama series or comedy or increasing, actually, in local movies.

當然，作為其中的一部分，我們已經將自己的原創內容開發到更大的規模，無論是連續劇還是喜劇，或者實際上是在本地電影中增加。

So it gives us the opportunity to create more of that ourselves and create more European stories that can complement what we do.

所以它讓我們有機會自己創造更多的東西，創造更多的歐洲故事來補充我們所做的事情。

And thirdly, I think we've got outstanding reach.

第三，我認為我們的影響力非常大。

If you're a partner, there's no better business to get the customers, to showcase your content and to elevate it and increasingly we offer other services to partners as well, things like advertising sales, for example.

如果您是合作夥伴，那麼在吸引客戶、展示您的內容和提升內容方面沒有比這更好的業務了，而且我們也越來越多地為合作夥伴提供其他服務，例如廣告銷售。

We'll sell advertising on behalf of many of our partners and that's just a very efficient way for them to tap into Sky and the broader services that we offer.

我們將代表我們的許多合作夥伴銷售廣告，這是他們利用 Sky 和我們提供的更廣泛服務的一種非常有效的方式。

And then the final 2 things I point you to, is just our brand and organization.

然後我指出的最後兩件事就是我們的品牌和組織。

I think we've got the #1 brand.

我認為我們擁有第一品牌。

We can -- we've got a proven track record, I think, of taking other brands and helping them grow.

我們可以——我認為，我們在收購其他品牌並幫助他們成長方面有著良好的記錄。

And then we've got a lot of boots on the ground.

然後我們在地面上有很多靴子。

We've got further -- over 30,000 people directly, probably 0.25 million people indirectly who could make sure that we're the best business to sell and then keep the product sold.

我們還有更進一步——直接有超過 30,000 人，間接可能有 25 萬人，他們可以確保我們是最適合銷售的企業，然後保持產品的銷售。

And we know in this sector that being good at selling is only part of it.

我們知道在這個領域，擅長銷售只是其中的一部分。

And managing churn and loyalty and keeping product sold is where you make your money.

管理客戶流失和忠誠度並保持產品銷售是您賺錢的地方。

We think we're pretty good at that.

我們認為我們在這方面做得很好。

So we'll see what happens in the future but I feel that we've got a really incredible set of assets to enable us to navigate this world and look, the record has to stand for something.

所以我們會看看未來會發生什麼，但我覺得我們擁有一套非常令人難以置信的資產，讓我們能夠駕馭這個世界，並且看起來，記錄必須代表一些東西。

I think if you look at our growth over the last 10, 15 years, through a variety of technology changes, economic conditions, competitive environments, our businesses continued to grow strongly, and I don't see any reason if we can't -- if we keep doing those things, that will not continue in the future.

我認為如果你看看我們過去 10 年、15 年的增長，通過各種技術變革、經濟條件、競爭環境，我們的業務繼續強勁增長，如果我們不能——我認為沒有任何理由—— - 如果我們繼續做這些事情，那麼將來就不會再繼續了。

Our final question will come from the line of Vijay Jayant with Evercore.

我們的最後一個問題將來自與 Evercore 的 Vijay Jayant。

Two, if I may.

二，如果可以的話。

Obviously, Comcast is very strong in the broadband business.

顯然，康卡斯特在寬帶業務方面非常強大。

Sky is the reseller.

天空是經銷商。

Is there any thoughts longer term to become a facilities-based provider for broadband in 3 really large markets in Europe?

是否有更長遠的想法成為歐洲 3 個非常大的市場中基於設施的寬帶提供商？

And then now that you've had a chance to sort of hopefully do more work in looking at internal opportunities at Sky, the $500 million of synergies you've identified, does that change or any sense of how fast that could come to us?

然後現在你已經有機會希望在尋找 Sky 的內部機會方面做更多的工作，你已經確定了 5 億美元的協同效應，這種情況會改變嗎？或者對我們會有多快的感覺？

Vijay, it's Mike.

維杰，是邁克。

I'll start then Jeremy can add on.

我會開始，然後傑里米可以補充。

In terms of synergies, we're confident, very confident in the $500 million of synergies that we talked about.

在協同效應方面，我們對我們談到的 5 億美元的協同效應充滿信心，非常有信心。

We'll take our -- we've been at it for a month and all the teams getting together on a variety of opportunities there across-the-board, both at Sky and at Comcast and NBC are very confident in what we penciled down and talked about publicly and so that will come over the coming couple of years.

我們會接受我們的——我們已經做了一個月了，所有的團隊都聚集在一起，在各種各樣的機會上，無論是在天空還是在康卡斯特和 NBC，都對我們所寫下的內容非常有信心並公開談論，所以這將在未來幾年出現。

But no changes to our guidance on that score.

但我們在這方面的指導沒有變化。

And then in terms of future investment beyond the organic plans.

然後在有機計劃之外的未來投資方面。

At Sky, I think we're going to run the organic play, as Jeremy described.

正如 Jeremy 所描述的，在 Sky，我認為我們將運行有機遊戲。

Obviously, market structures are different in the U.S. from Europe and that leads to great opportunities to capitalize on other folks' investment in their -- broadband plans.

顯然，美國的市場結構與歐洲不同，這為利用其他人對其寬帶計劃的投資提供了巨大的機會。

But Jeremy, I don't know if you want to add to that at all?

但是傑里米，我不知道你是否想補充一點？

Sure.

當然。

I look, I think, Vijay, at this stage you're going to have to forgive us a little bit.

我看，我想，維杰，在這個階段你將不得不原諒我們一點。

I don't it's probably too helpful to front-run ideas or giving a running commentary on those.

我不認為它可能對提前提出想法或對這些想法發表評論很有幫助。

We'll come back I think when we've got something more substantive to say.

我想當我們有更實質性的內容要說時，我們會回來的。

And what I would say though is we're connected already.

我想說的是，我們已經聯繫上了。

We've had plenty of time to think about this at Sky so we're well-organized.

我們在 Sky 有足夠的時間來考慮這個問題，所以我們組織得井井有條。

We've got a clear set of plans now as to how we get into this stuff and start to tease out and explore the bigger ideas and then how we might pursue those.

我們現在已經有了一套清晰的計劃，關於我們如何進入這些東西並開始梳理和探索更大的想法，然後我們如何追求這些。

And as Mike said, as they develop and come to fruition, we'll come back and talk to you a bit more about why we think they're great ideas and how we're going to go after them.

正如邁克所說，隨著它們的發展和實現，我們會回來與您討論更多關於為什麼我們認為它們是好主意以及我們將如何追求它們的原因。

On broadband, so just specifically, look, again, I think it falls in the bucket of what are the things that we're going to be looking at.

在寬帶方面，具體來說，再看一遍，我認為它屬於我們將要關注的事物的範疇。

We've got, as you say, we've got -- we have our own in the U.K., just to be clear, we have our own broadband network, it's built around the canal system, actually, in the U.K. It connects to about 2,500 BT exchanges, we have a very good regulatory environment, which gives us access on cost based economics so we get it -- we get the benefit of a lot of the aging and write-down of that infrastructure and then we use BT, largely BT's last mile to the home.

我們有，正如你所說，我們有——我們在英國有自己的，需要明確的是，我們有自己的寬帶網絡，它是圍繞運河系統建造的，實際上，在英國。它連接到大約 2,500 家 BT 交易所，我們有一個非常好的監管環境，這使我們能夠獲得基於成本的經濟學，所以我們得到了它——我們從基礎設施的大量老化和減記中受益，然後我們使用 BT，很大程度上是 BT 到家的最後一英里。

In Italy, we're doing a slightly different deal with Enel, who are the state backed fiber-to-the-premises -- for fiber-to-the-premises provider and I guess - and they're building out to something like 271, off the top of my head, urban and regional areas in Italy, and so we'll, in a sense, from a capability point of view, leapfrog what we've done in the U.K., but largely execute the triple play commercial execution that we followed in the U.K. So we're very excited about that, I think that could be a big idea in Italy.

在意大利，我們與 Enel 的交易略有不同，Enel 是國家支持的光纖到戶——我猜是光纖到戶的供應商——他們正在建設類似的東西271，在我的腦海中，意大利的城市和地區，所以從某種意義上說，從能力的角度來看，我們將超越我們在英國所做的事情，但主要執行三網合一商業廣告我們在英國遵循的執行因此我們對此感到非常興奮，我認為這在意大利可能是一個大創意。

And then look, from our point of view, the chance to tap into the capability of this organization in cable broadband communications is a big opportunity for us.

然後看看，從我們的角度來看，利用該組織在有線寬帶通信方面的能力的機會對我們來說是一個巨大的機會。

So we'll think through those things over the coming months.

所以我們會在接下來的幾個月裡仔細考慮這些事情。

So let me just wrap up by saying thank you to everybody for giving us a little extra time, and I think it was time well spent to get a deeper understanding of Sky, why it's a great business, why it fits us so uniquely and why we are as excited as we are.

最後，讓我感謝大家給我們額外的時間，我認為是時候深入了解 Sky，為什麼它是一項偉大的業務，為什麼它如此獨特地適合我們，以及為什麼我們和我們一樣興奮。

I think the results for the quarter speak for themselves and we'll talk to you in 90 days.

我認為本季度的結果不言自明，我們將在 90 天內與您交談。

Thank you, Brian.

謝謝你，布賴恩。

Regina, back to you.

里賈納，回到你身邊。

Thanks, everyone.

謝謝大家。

There will be a replay available of today's call starting at 12:00 p.m.

今天下午 12:00 開始將重播今天的電話會議。

Eastern time.

東部時間。

It will run through Thursday, November 1, at midnight Eastern time.

它將持續到東部時間 11 月 1 日星期四午夜。

The dial-in number is (855) 859-2056 and the conference ID number is 8169597.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 8169597。

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

電話會議的錄音也將從下午 12:30 開始在公司網站上提供。

Eastern time today.

今天東部時間。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。

Caution Concerning Forward-Looking Statements

關於前瞻性陳述的謹慎

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

本文件包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

In some cases, you can identify these so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these and other comparable words.

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

We wish to take advantage of the "safe harbor" provided for by this Act, and we caution you that actual events or results may differ materially from the expectations we express in our forward-looking statements as a result of various risks and uncertainties, many of which are beyond our control.

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

Factors that could cause our actual results to differ materially from these forward-looking statements include: (1) changes in the competitive environment, (2) changes in business and economic conditions, (3) changes in our programming costs, (4) changes in laws and regulations, (5) changes in technology, (6) adverse decisions in litigation matters, (7) risks associated with strategic initiatives, including the launch of our wireless phone service, and acquisitions, (8) changes in assumptions underlying our critical accounting judgments and estimates, (9) risks associated with our all-cash offer for Sky plc, including our ability to integrate Sky with our businesses successfully and to achieve anticipated synergies or benefits, and (10) other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission.

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

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

我們不承擔更新任何前瞻性陳述的義務。

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

股份回購及分紅的金額及時間視業務、經濟及其他相關因素而定。

IMPORTANT NOTICE RELATING TO INFORMATION ("INFORMATION") IN THIS DOCUMENT ON COMCAST BIDCO LIMITED'S ("COMCAST BIDCO") (AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF COMCAST CORPORATION ("COMCAST")) OFFER FOR SKY PLC ("SKY") (THE "OFFER")

關於本文件中有關 COMCAST BIDCO LIMITED（“COMCAST BIDCO”）（康卡斯特公司（“COMCAST”）的間接全資子公司）向 SKY PLC（“SKY”）（“SKY”）提供的信息（“信息”）的重要通知“提供”）

Further information

更多的信息

Not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction (a "Restricted Jurisdiction").

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

Persons accessing the Information must not, directly or indirectly, mail, transmit or otherwise forward, distribute or send the Information in, into or from any Restricted Jurisdiction.

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

The Information is for information purposes only and is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.

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

The Information shall not form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

信息不得構成任何投資活動的基礎或被依賴，或作為參與任何投資活動的誘因。

This document does not purport to contain all of the Information that may be required to evaluate any investment in Comcast or Sky or any of their securities.

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

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

任何投資決定均應僅根據與要約有關的正式要約相關文件作出。

Any person considering an investment in Comcast or Sky is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment.

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

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

信息中包含的某些行業、市場和競爭地位數據可能來自官方或第三方來源。

Although third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, there is no guarantee of its accuracy or completeness and neither Comcast nor Comcast Bidco has independently verified such data.

儘管第三方行業出版物、研究和調查通常表明其中包含的數據是從被認為可靠的來源獲得的，但無法保證其準確性或完整性，康卡斯特和康卡斯特競標公司均未獨立驗證此類數據。

In addition, certain of the industry, market and competitive position data contained in the Information comes from Comcast's own internal research and estimates based on the knowledge and experience of Comcast's management in the markets in which the Comcast operates.

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

While Comcast believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice.

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

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

因此，不應過分依賴本文件中包含的任何行業、市場或競爭地位數據。

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

Sky美國股東和Sky ADR持有人的重要信息

Sky is a public limited company incorporated in England.

Sky是一家在英國註冊成立的公共有限公司。

The Offer is being made to Sky shareholders in the United States in compliance with the applicable U.S. tender offer rules under the U.S. Securities Exchange Act of 1934, as amended (the "U.

根據經修訂的 1934 年美國證券交易法（“U.S.

S. Exchange Act"), including Regulation 14E thereunder, taking into account no action and exemptive relief granted by the U.S. Securities and Exchange Commission (the "SEC"), and otherwise in accordance with the requirements of English law.

S. Exchange Act”），包括其中的第 14E 條，考慮到美國證券交易委員會（“SEC”）未採取任何行動和豁免救濟，以及其他方面符合英國法律的要求。

Accordingly, the Offer is subject to disclosure and other procedural requirements, including with respect to withdrawal rights, the offer timetable, settlement procedures and timing of payments that are different from those applicable under U.S. domestic tender offer law and practice.

因此，要約須遵守與美國國內要約收購法律和慣例不同的披露和其他程序要求，包括關於撤回權、要約時間表、結算程序和付款時間的規定。

Sky's financial information, including any included in the Offer documentation, will not have been prepared in accordance with U.S. GAAP, or derived therefrom, and may therefore differ from, and not be comparable with, financial information of U.S. companies.

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

Comcast and/or Comcast Bidco and their affiliates or brokers (acting as agents for Comcast and/or Comcast Bidco and their affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase outside the United States, shares in Sky or any securities that are convertible into, exchangeable for or exercisable for such shares before or during the period in which the Offer remains open for acceptance, to the extent permitted by, and in compliance with, exemptive relief granted by the SEC from Rule 14e-5 under the U.S. Exchange Act and in compliance with the UK City Code on Takeovers and Mergers.

Comcast 和/或 Comcast Bidco 及其關聯公司或經紀人（作為 Comcast 和/或 Comcast Bidco 及其關聯公司的代理人，視情況而定）可能會不時（根據要約除外）直接或間接購買或安排在美國境外購買 Sky 的股票或任何可轉換為、可交換或可行使為此類股票的證券，在要約保持開放接受的期間之前或期間，在允許的範圍內並遵守，美國證券交易委員會根據美國交易法第 14e-5 條授予的豁免救濟，並符合英國城市收購和合併守則。

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

這些購買可以在公開市場上以現行價格進行，也可以在私人交易中以協商價格進行。

Information about any such purchases or arrangements to purchase that is made public in accordance with English law and practice will be available to all investors (including in the United States) via the Regulatory News Service on www.londonstockexchange.com.

根據英國法律和慣例公開的任何此類購買或購買安排的信息將通過 www.londonstockexchange.com 上的監管新聞服務提供給所有投資者（包括美國）。

The Offer may have consequences under U.S. federal income tax and applicable U.S. state and local, as well as non-U.

該要約可能對美國聯邦所得稅和適用的美國州和地方以及非美國產生影響。

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

S.，Sky 股東和 Sky ADR 持有人的稅法。

Each Sky shareholder (including U.S. shareholders and Sky ADR holders) is urged to consult his or her independent professional adviser regarding the tax consequences of the Offer.

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