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

女士們、先生們，早上好，歡迎參加康卡斯特公司關於 2018 年第三季收益和收購 Sky 的電話會議。（操作員說明）請注意，本次電話會議正在錄音。

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

現在我將把電話轉交給投資者關係和財務高級副總裁傑森·阿姆斯特朗先生。請繼續，阿姆斯壯先生。

Thank you, operator, and welcome, everyone. 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. In addition, in this call, we will refer to certain non-GAAP financial measures. Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

謝謝接線員，歡迎各位。像往常一樣，現在請允許我向您介紹第 2 張投影片，其中包含我們的安全港免責聲明，並提醒您，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格和趨勢表。

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

接下來我們來看今天的材料。本次電話會議我們將採用略有不同的方式，分為兩個部分。首先，布萊恩·羅伯茨和邁克·卡瓦納將照例發表準備好的講話，介紹我們第三季度的收益情況，之後史蒂夫·伯克和戴夫·沃森將加入他們，就我們的業績進行問答環節。接下來，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，然後進行問答環節。

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

接下來，我將把電話交給布萊恩羅伯茨，讓他回顧我們 2018 年第三季的表現。布萊恩？

Thank you, Jason, and good morning, everyone. This is a really exciting time for our company as we are so pleased to have completed the acquisition of Sky. And today, we look forward to talking more about that, which we'll do in a little bit. But let me first turn to our strong third quarter results and the many key achievements that I'd like to highlight.

謝謝你，傑森，大家早安。對於我們公司來說，這是一個非常令人興奮的時刻，因為我們非常高興完成了對 Sky 的收購。今天，我們期待就此展開更多討論，稍後我們將進行深入探討。但首先，我想談談我們強勁的第三季業績以及我想重點介紹的許多重要成就。

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

Cable 的 EBITDA 成長率為 7.6%，是 6 年來最快的，淨現金流成長了 15.6%，連續第三個季度達到兩位數成長。這令人矚目的財務表現反映了我們向連結業務轉型，這些業務利潤率更高，資本密集度更低。

In addition, we surpassed 30 million customer relationships as year-over-year growth accelerated to over 3%. Customer relationship net adds of 288,000 were driven by 363,000 net new broadband customers, the best third quarter in 10 years. Collectively, residential broadband and business services revenue increased by nearly 10%. These results demonstrate that customers love our products.

此外，我們的客戶關係數量突破了 3,000 萬，較去年同期成長超過 3%。客戶關係淨增 288,000 名客戶，其中新增寬頻客戶 363,000 名，這是 10 年來最好的第三季業績。住宅寬頻和商業服務收入合計成長近 10%。這些結果顯示顧客喜歡我們的產品。

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. 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. 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. 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. This is the fastest deployment of gigabit speeds to the most locations in the country by anybody. It's a similar story in business services, with demand for our connectivity across small, medium and enterprise customers driving double-digit growth.

我們正在投資，以充分利用我們網路的容量和能力，並提供創新、差異化的體驗，我們相信這將為我們未來的進一步成長提供廣闊的空間。我們在住宅寬頻領域擁有非常強的競爭力，為客戶提供最快的速度、最可靠的家庭 WiFi 覆蓋範圍以及業界領先的 WiFi 管理和控制。我們已將我們的整體寬頻產品命名為 xFi，並不斷添加新功能，同時我們正在推出 xFi 網關和擴展器，以進一步增強服務。我們最近也宣布，我們的 1 Gbps 網路服務現已涵蓋我們服務範圍內近 5,800 萬戶家庭和企業。這是迄今為止全國範圍內以最快速度向最多地點部署千兆網路的案例。商業服務領域的情況也類似，小型、中型和大型客戶對我們連接服務的需求推動了兩位數的成長。

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. 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.

在我們的 X1 平台的引領下，影片播放在我們推動全家經濟、為客戶提供最佳價值和體驗的策略中發揮著重要的支持作用，我們將繼續致力於爭取能夠盈利地服務的視訊用戶。透過聚合和整合從線性電視到 Netflix、YouTube 以及即將推出的 Amazon Prime Video 等應用程序，X1 提供無與倫比的用戶體驗和最廣泛的內容，凸顯了我們寬頻服務的價值。

Our newest addition to the bundle, Xfinity Mobile, is also resonating with customers. In little over a year, we've crossed 1 million customer lines. 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.

我們最新加入套餐的 Xfinity Mobile 也受到了客戶的歡迎。短短一年多時間，我們的客戶數就突破了100萬。訂閱 Xfinity Mobile 的客戶整體滿意度更高，我們的初步結果表明，增加行動服務可以提高寬頻客戶的留存率，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. 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. What's enabled us to do this is our transformation of the way customers interact with us. Over 75% of the interactions are now being completed through our digital touch points. Providing more digital tools remains the key focus as we go forward, and that will help take additional operating costs out of the business.

我引以為傲的另一項成就是我們在改善客戶體驗方面取得的進展。在過去的 12 個月裡，客戶滿意度評分有所提高，我們的客服人員減少了 1,600 萬通電話，減少了 100 多萬次上門服務，同時新增了近 100 萬通客戶關係。我們之所以能夠做到這一點，是因為我們改變了客戶與我們互動的方式。超過 75% 的互動現在都是透過我們的數位化接點完成的。未來，提供更多數位化工具仍是我們的重點，這將有助於降低企業的營運成本。

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

現在轉向NBC環球。第三季有線電視網絡和廣播電視 EBITDA 合計成長 6%，反映轉播和附屬公司收入、內容授權和廣告收入的成長。在最近結束的 52 週節目季中，一些亮點包括：NBC 廣播公司 16 年來首次在總收視人數方面排名第一；連續第五年在黃金時段贏得 18 至 49 歲成年觀眾的收視冠軍；以及 Telemundo 連續第二年在西班牙語黃金時段贏得 18 至 49 歲成年觀眾的收視冠軍。新賽季也開局良好。兩大電視網繼續領先競爭，NBC在黃金時段收視率最高的10個節目中佔據4席，是所有電視台中最多的，而且憑藉《命運航班》和《新阿姆斯特丹》兩部劇，還佔據了本季新劇首播收視率前三名中的2席。感謝 Bob Greenblatt 為公司發展所做的努力，我們對 George Cheeks 和 Paul Telegdy 也感到非常興奮，他們開局非常出色。

At Cable Networks, MSNBC had an outstanding quarter once again with record ratings resulting in its largest lead ever over CNN in key dayparts. As these results demonstrate, we have the right TV content with more ways to monetize it than ever before.

在有線電視網方面，MSNBC 再次取得了出色的季度成績，收視率創下歷史新高，在關鍵時段對 CNN 的領先優勢達到了歷史最大。這些結果表明，我們擁有優質的電視內容，並且比以往任何時候都有更多的方式可以實現內容變現。

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. 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.

去年第三季度，電影業務以《神偷奶爸3》創下了獲利紀錄。雖然今年由於沒有可比的動畫電影，盈利有所下降，但憑藉《侏羅紀世界》、《媽媽咪呀》和其他電影的成功上映，本季仍然是一個健康的季度。我們期待著 2019 年及以後，屆時我們將看到照明娛樂和夢工廠推出多部動畫作品，以及一些我們最受歡迎的系列作品回歸。

Finally, at Theme Parks. Our park in Japan experienced multiple unprecedented weather events and natural disasters that impacted results, as Mike will cover in more detail. Our thoughts are with those many in Japan who are affected by these devastating typhoons and earthquakes. 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.

最後，在主題樂園。我們在日本的公園經歷了許多前所未有的極端天氣事件和自然災害，這些都對結果產生了影響，麥克將在後面詳細介紹。我們與受這些毀滅性颱風和地震影響的日本人民同在。我們對公園業務的長期發展軌跡仍然充滿信心和興奮，我們將繼續執行成功的策略，透過新增景點和增加飯店客房來推動成長，並在未來幾年內在北京開設一座新公園。

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

這是我們公司歷史上一個令人興奮的時刻。我們本季業績強勁，取得了多年來最好的成績；透過收購 Sky，我們轉型成為一家更俱全球性的公司；現在，我們正著手實施下一階段的策略。

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

接下來，我將把發言權交給麥克，讓他為我們帶來更詳細的結果介紹。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our third quarter consolidated results. Revenue increased 5% to $22.1 billion. 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. The corporate and other segment results included an EBITDA loss of $178 million for Xfinity Mobile.

謝謝你，布萊恩，大家早安。我將從第 4 張投影片開始，介紹我們第三季的綜合業績。營收成長5%，達到221億美元。經調整後的 EBITDA 成長 2.5% 至 73 億美元，其中有線電視業務成長 7.6%，部分被 NBCUniversal 下降 8.5% 所抵消，稍後我會對此提供更多背景資訊。公司及其他部門的表現包括 Xfinity Mobile 的 EBITDA 虧損 1.78 億美元。

Adjusted earnings per share increased 27.5% to $0.65 for the quarter. 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. And finally, free cash flow was $3.1 billion in the quarter, bringing the year-to-date total to $10.5 billion.

本季調整後每股收益成長27.5%至0.65美元。今年迄今為止，調整後每股收益增長 22.4% 至 1.91 美元，這反映了稅收改革帶來的好處，使我們的實際稅率比去年同期降低了約 10 個百分點至 24%，以及穩健的營運動能。最後，本季自由現金流為 31 億美元，使今年迄今的自由現金流總額達到 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%. 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. Customer relationships increased 3.4% year-over-year to 30.1 million, including 288,000 net additions in the third quarter. On a per relationship basis, revenue was relatively consistent with the prior year, and EBITDA increased by 4.4%.

接下來將詳細分析本季業績，首先是第 5 頁的有線通訊業務業績。營收成長 3.4%，EBITDA 成長 7.6%，年比利潤率提高 160 個基點，達到 40.7%。剔除 2017 年第三季風暴的負面影響，有線電視業務的 EBITDA 成長了 6.9%，反映了該業務強勁的潛在發展趨勢。客戶關係年增 3.4%，達到 3,010 萬，其中第三季淨增 28.8 萬。以客戶關係計算，營收與前一年基本持平，EBITDA 成長了 4.4%。

Cable's performance was again fueled by momentum in our high-margin connectivity businesses: residential high-speed internet and business services. High-speed internet revenue was the largest contributor to overall Cable growth, increasing 9.6% to $4.3 billion. 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. 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. 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.

Cable 的業績再次得益於我們高利潤的連接業務（住宅高速互聯網和商業服務）的強勁勢頭。高速網路收入是有線電視整體成長的最大貢獻者，成長了 9.6%，達到 43 億美元。在過去的 12 個月裡，我們新增了超過 120 萬個住宅寬頻用戶，其中第三季新增 33.4 萬個用戶。我們的產品和服務引起了客戶的共鳴，因為我們不斷創新並加大對網路的投資，使我們不僅能夠提供高速網絡，還能提供覆蓋全屋的 WiFi 網絡，並能夠管理連接到家庭網絡的越來越多的設備，從而滿足客戶的期望。憑藉覆蓋全網的 1Gbps 網速、一流的 WiFi 覆蓋範圍和創新的 xFi 控制功能，我們完全有能力在寬頻領域繼續取得成功。

Connectivity is at the epicenter of our relationship with customers. 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. 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.

溝通是我們與客戶關係的核心。雖然我們的部分策略是有效地瞄準那些目前僅需寬頻即可滿足需求的客戶，但我們的大多數客戶仍然最需要我們提供的多種高價值、互補產品的組合，這些組合可以提供最佳體驗並加深我們之間的關係。利用寬頻的最佳方式之一是觀看視頻，因此我們不斷圍繞 X1 進行創新，並將最佳的線上內容與線性電視結合起來。

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. 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. 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. 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%.

憑藉 X1，我們擁有最好的平台來服務那些尋求最多內容選擇和優質體驗的客戶，我們在這個領域很有競爭力。然而，競爭壓力仍然存在，包括來自虛擬 MVPD 的壓力，尤其是在低價值領域，這導致我們在第三季淨流失了 95,000 名住宅視訊用戶。影片收入下降了 2.9%，這反映了客戶流失以及與去年第三季按次付費觀看拳擊比賽的比較。如果不考慮此事件的影響，第三季視訊收入的下降幅度將與第二季約 2% 的下降幅度類似。

Another attractive proposition for our broadband customers is to bundle Xfinity Mobile. We ended the quarter with over 1 million customer lines with 228,000 net additions in the quarter. We are pleased with our progress in mobile. 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.

另一個吸引我們寬頻用戶的方案是將 Xfinity Mobile 服務捆綁在一起。本季末，我們的客戶線路總數超過 100 萬條，本季淨增加 22.8 萬條。我們對行動領域的進展感到滿意。雖然現在還處於相對早期的階段，但我們看到的結果是對我們進入無線業務時的主要目標的支持，包括加深與寬頻客戶的關係並提高客戶留存率、吸引新的寬頻客戶以及在達到規模後產生積極的獨立經濟效益。

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. 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. I'd also note, advertising was a driver of Cable revenue growth in the third quarter due to robust political ad spending. Cable Communications advertising revenue increased by 15.2% to $684 million. Excluding political, Cable advertising revenues increased by 0.6%.

連接性也是我們與企業客戶關係的核心，並推動我們不斷擴大在小型、中型和大型企業客戶中的市場份額。第三季度，商業服務收入成長 10.6% 至 18 億美元，反映出商業客戶關係年增 6% 至 230 萬，以及每個關係的收入成長 4.4%。我還想指出，由於強勁的政治廣告支出，廣告是第三季有線電視收入成長的主要驅動力。有線通訊廣告收入成長15.2%，達到6.84億美元。剔除政治廣告收入，有線電視廣告收入成長了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. As a reminder, last year's programming costs included additional expenses associated with the pay-per-view boxing event. 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. 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.

現在就來看看第 6 張投影片中的有線電視支出和利潤率。有線電視總支出年增 0.6%，主要原因是節目製作成本增加了 1.4%。提醒一下，去年的節目製作費用包括與按次付費觀看拳擊比賽相關的額外費用。與去年相比，非程式成本持平，以每位客戶計算下降了 2.9%，因為我們繼續專注於嚴格的成本管理和改善客戶體驗。值得注意的是，儘管我們的客戶關係不斷增長，但客戶服務費用卻下降了 4.9%，這反映了我們對產品和客戶服務方式的改進所帶來的益處，包括減少呼叫量和透過數位平台進行更多客戶互動，正如 Brian 所強調的那樣。

Overall, this expense management, coupled with healthy revenue growth, has resulted in consistent EBITDA margin expansion over the course of the year. On a year-to-date basis, Cable EBITDA margins are up 100 basis points compared to last year. 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.

總體而言，這種費用控制加上健康的營收成長，使得 EBITDA 利潤率在一年中持續擴大。今年迄今為止，有線電視業務的 EBITDA 利潤率比去年同期成長了 100 個基點。因此，我們現在預計全年利潤率擴張幅度將接近先前預期的上限，即 50 至 100 個基點。

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. 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. Cable CapEx intensity was 14.1% in the third quarter and 13.2% year-to-date. We expect capital expenditure intensity to increase sequentially in the fourth quarter following typical seasonal patterns. 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.

本季有線電視資本支出下降 5.7% 至 19 億美元，主要反映客戶終端設備支出減少，因為 X1 目前已部署到我們近 65% 的住宅視訊客戶。今年迄今為止，有線電視資本支出下降了 6.9%，至 54 億美元，原因是客戶終端設備支出的下降被線路擴展和可擴展基礎設施投資的增加部分抵消，這與我們業務向連接性方向的更廣泛轉變是一致的。第三季有線電視資本支出強度為 14.1%，年初至今為 13.2%。我們預期第四季資本支出強度將按照典型的季節性規律季增。然而，我們現在預計全年資本支出強度的下降幅度將接近我們先前預期的 50 至 100 個基點的上限。

Wrapping up Cable. 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.

電纜收尾工作。強勁的 EBITDA 成長和利潤率擴張，加上資本支出下降，使得本季淨現金流成長 15.6%，年初至今成長 14.8%，凸顯了我們以互聯互通為驅動的成長模式的吸引力。

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.

現在讓我們來看看幻燈片 7 中 NBCUniversal 的業績。 NBCUniversal 的營收成長了 8.1%，達到 86 億美元，而 EBITDA 下降了 8.5%，至 21 億美元，這反映出我們電視業務的良好業績被電影娛樂業務的艱難基數以及影響我們日本主題樂園的惡劣天氣和自然災害的影響所抵消。

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

有線電視網路營收成長 10.8% 至 29 億美元，EBITDA 成長 6.9% 至 9.68 億美元，反映附屬公司費用、內容授權和廣告收入的成長。分銷收入成長了 9.5%，這主要得益於先前續約協議帶來的持續收益，以及消費者採用虛擬 MVPD 後用戶流失的緩解。第三季度，我們有線電視網路的用戶下降幅度再次低於 1%，與近期 1.5% 至 2% 的下降趨勢相比有所改善。內容授權和其他收入成長了 36.1%，這主要得益於我們現有授權協議下的內容交付以及新交易，這反映出市場對我們內容的健康需求，買家數量比以往任何時候都多。由於 MSNBC 的持續強勁表現以及整體定價的強勁，廣告收入增長了 4.2%，但收視率的下降部分抵消了這一增長。

Broadcast Television revenue increased 15.4% to $2.5 billion, reflecting increases in advertising, content licensing and retrans revenue. Advertising revenue increased 9.2%, primarily driven by higher rates and Telemundo's broadcast of the World Cup. 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. Content licensing grew by 24.7%, reflecting the delivery of content under our licensing agreements. Retrans revenue increased by 21% to $434 million. 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. Excluding the World Cup, EBITDA would have increased over 10%.

廣播電視收入成長 15.4%，達到 25 億美元，反映出廣告、內容授權和轉播收入的成長。廣告收入成長了 9.2%，主要得益於更高的費率和 Telemundo 對世界盃的轉播。如果排除世界盃的影響，以及與去年同期相比，本季多一場週日晚間橄欖球賽帶來的時間優勢，廣告收入將與去年同期基本持平。內容授權成長了 24.7%，反映了我們根據授權協議交付的內容。Retrans 營收成長 21%，達到 4.34 億美元。由於世界盃相關的節目製作成本部分抵消了強勁的收入業績，EBITDA 成長 1.8% 至 3.21 億美元。如果不考慮世界杯，EBITDA 將成長超過 10%。

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! Here We Go Again in this year's third quarter. Wrapping up Filmed Entertainment, we are looking forward to 2019 and beyond as our animated slate ramps and some of our best franchises return.

電影營收成長 3.8% 至 18 億美元，而 EBITDA 下降 44.2% 至 2.14 億美元。這主要是由於高利潤的熱門影片《神偷奶爸 3》以及 2017 年上半年成功影片的結餘，導致與去年第三季度相比業績較為艱難，儘管《侏羅紀世界：失落國度》和《媽媽咪呀！ 》在戲院取得了成功。今年第三季度，一切又將重演。電影娛樂業務告一段落，我們期待 2019 年及以後的發展，屆時我們的動畫作品將陸續推出，一些最受歡迎的系列作品也將回歸。

Finally, Theme Parks revenue decreased 1.4% to $1.5 billion, and EBITDA decreased 6.5% to $725 million. 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. Excluding these impacts in Japan, we estimate that overall Theme Parks EBITDA would have shown low single-digit growth in the quarter. 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.

最後，主題樂園收入下降 1.4% 至 15 億美元，EBITDA 下降 6.5% 至 7.25 億美元。這些結果在很大程度上反映了惡劣天氣和自然災害的影響，這些災害在本季度近三分之二的時間裡對我們在大阪的公園的客流量產生了負面影響。排除日本市場的這些影響，我們估計本季主題樂園整體 EBITDA 將達到個位數低成長。展望未來，我們開始看到大阪出現復甦跡象，我們對我們的策略以及我們在公園業務中看到的成長前景仍然充滿信心。

Finishing up on Slide 8 with return of capital. We generated $3.1 billion of free cash flow in the quarter. We returned $2.1 billion to shareholders in the third quarter, including $871 million of dividends and $1.25 billion of share repurchases. As we announced at the beginning of the month, we expect to repurchase $5 billion of stock in 2018. Following our acquisition of Sky, our pro forma net leverage stands at about 3.5x. 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. As part of this commitment, we also announced that we intend to pause our repurchase program in 2019.

第 8 張投影片即將結束，內容是資本回饋。本季我們產生了31億美元的自由現金流。第三季度，我們向股東返還了 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。正如我們月初宣布的那樣，我們預計在 2018 年回購價值 50 億美元的股票。收購 Sky 後，我們的備考淨槓桿率約為 3.5 倍。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，我們承諾在 18 至 24 個月內恢復到與我們當前評級一致的槓桿水平。作為這項承諾的一部分，我們也宣布我們打算在 2019 年暫停股票回購計畫。

Overall, we are pleased with this quarter's results and the underlying momentum across our business. We believe Comcast is well positioned with significant opportunities ahead as we begin a new chapter with Sky.

總體而言，我們對本季的業績以及公司整體業務發展勢頭感到滿意。我們相信，隨著我們與Sky開啟新的篇章，Comcast已做好充分準備，未來將迎來巨大的機會。

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

接下來，我將把時間交還給傑森，讓他回答一些與我們獲利結果相關的問題。

Okay. Thanks, Mike. As I mentioned upfront, we'll now take questions on our results before we turn to a presentation on Sky. Regina, please open up the call for Q&A.

好的。謝謝你，麥克。正如我之前提到的，在正式開始介紹天空電視台之前，我們將先回答一些關於我們研究結果的問題。Regina，請開啟問答環節。

(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. The X1 really led the way in terms of next-generation set tops when you guys started building that out years ago. When you look at the video business going forward, how are you thinking about the product road map? 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. How are you thinking about leading with video going forward from a product and consumer perspective? And sort of what does that mean for the kind of financials of the business? And then I just had one follow-up.

或許是為了布萊恩。幾年前你們開始研發下一代機上盒的時候，X1 就真正引領了潮流。展望影片產業的未來，您如何看待產品路線圖？我知道該公司致力於將更多第三方應用程式引入生態系統，而且你也看到像亞馬遜和蘋果這樣的公司都在積極採用通路策略。從產品和消費者的角度來看，您如何看待未來以視訊為主導的發展方向？那麼，這對企業的財務狀況又意味著什麼呢？然後我還有一次後續跟進。

Okay. Well, I'm going to start. I'll let Dave talk a little bit about that. 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. We have a long road map of more things, top of the list is Amazon Prime shortly. And then beyond that, tremendous innovation. 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. I don't think we're anywhere near the completion of what the technology is capable of. Second, we've used video in a way to support the broadband business, and that combination seems to be working quite well. But there's other applications throughout the whole home, where voice can play that role. 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. Two, customer experience, service quality and texting to customers, appointments and scheduling. So we're building a great capability as a technology company. I don't think we had any of that just a few short years ago. Dave?

好的。好，我先開始了。我讓戴夫簡單談談這件事。所以我認為 X1 是世界上最好的，而且我認為——這是因為我們採用了 Netflix、YouTube、語音控制指南等功能。我們還有很長的計劃，其中最重要的就是盡快推出亞馬遜Prime服務。除此之外，還有巨大的創新。例如——當我們觀看足球比賽時，你可能還想在觀看比賽的同時做其他事情，例如查看統計數據，將來還能進行互動，查看你的夢幻聯賽。我認為我們距離這項技術的全部潛力還差得很遠。其次，我們利用影片來支援寬頻業務，這種組合似乎效果相當不錯。但語音技術在整個家庭中還有其他應用場景，可以在這些場景中發揮作用。人工智慧是我們在整個客戶體驗中應用的另一個領域，從獲取您想要的體育比分和數據，到推薦節目和娛樂內容，所有事情都使用同一個平台。第二，客戶體驗、服務品質以及向客戶發送簡訊、預約和安排。所以，作為一家科技公司，我們正在打造強大的能力。我認為就在幾年前，我們還沒有這些情況。戴夫？

Well, we've often thought that X1 is an operating platform, which not only the most preferred video applications would be there. And we also thought, as Brian said, there's going to be many other applications, music, gaming. 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. 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. And it's just easy. So from our standpoint, we think there's a long runway ahead to continue to have X1 be the aggregator of aggregators. So we're optimistic with that.

我們一直認為 X1 是一個作業系統平台，不僅最受歡迎的視訊應用程式會在那裡運行。正如布萊恩所說，我們也認為未來會有許多其他應用，例如音樂、遊戲等等。隨著物聯網的不斷進步，您將能夠以多種方式控制您的家庭體驗，包括直接透過 X1 中的電視進行控制。所以我們的目標是讓一切變得簡單易用，我們現在正在處理，就像我們連接 Netflix 的方式一樣，就像我們正在做的那樣——我們將處理亞馬遜，我們已經在處理 YouTube 了，我們每個季度處理大約 21 億條語音命令。而且這很簡單。因此，從我們的角度來看，我們認為 X1 繼續作為聚合器的聚合器還有很長的路要走。所以我們對此持樂觀態度。

Then maybe the same question, Dave, on broadband. I think you're more or less done with 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?

那麼，戴夫，或許你也可以問同樣的問題，關於寬頻的問題。我認為你已經基本完成了 DOCSIS 3.1 的相關工作。接下來，寬頻業務的發展方向是什麼？為了在未來幾年內繼續保持甚至擴大對競爭對手的領先優勢，您需要考慮該業務的產品、技術和網路路線圖。

Well, I think it starts with the fact that broadband -- DOCSIS is a great standard. It's a very efficient one in that we've been steadily investing in the network in terms of note splits, expansions. 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. And xFi stands for the best of speed, the best of coverage and control. Dana Strong and her team are doing a really nice job bringing xFi to life, and the proof points are there. As Brian mentioned, we have virtually -- our entire footprint is now deployed with 1 gig. 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. So the control aspect of this, I think we're also standing out, and our xFi app is just terrific. And a lot of usage, a lot of engagement with that. So I think we're going to keep our lead. We're going to stay focused in terms of how we differentiate broadband not only in speed, but also these other aspects. So -- and I think this is where our focus is. This connectivity in residential and commercial, it starts with that, and I think this is -- it didn't happen overnight. We've been steadily focused on this and will continue to be so.

我覺得這首先要從寬頻——DOCSIS 是一個很棒的標準說起。它非常高效，因為我們一直在穩步投資於網絡，包括票據拆分和擴展。因此，我們圍繞寬頻的重點是將我們的 xFi 品牌變為現實——就像我們之前用 X1 做影片一樣，我們現在用 xFi 做同樣的事情。xFi 代表速度、覆蓋範圍和控制的最佳表現。Dana Strong 和她的團隊在將 xFi 變為現實方面做得非常出色，這一點已經得到了證明。正如布萊恩所提到的，我們實際上——我們所有的業務現在都只部署了 1G 的頻寬。我們擁有業界頂尖的網關和設備，可提供業界頂尖的家庭 WiFi 功能，而且在家中啟用和使用的設備數量還在增加。所以，在控制方面，我認為我們也表現出色，我們的 xFi 應用簡直太棒了。而且使用率很高，用戶參與度也很高。所以我認為我們會保持領先。我們將繼續專注於如何使寬頻在速度以及其他方面脫穎而出。所以——我認為這就是我們關注的重點。住宅和商業領域的這種互聯互通，就是從這裡開始的，我認為這——它不是一夜之間發生的。我們一直並將繼續專注於此。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

Mike, can you talk about Cable margins? I appreciate the increase in guidance for the year, but that still seems conservative given typical 4Q seasonality and the political advertising potential. Anything happening in 4Q that should take this out of the seasonal trend? 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. Any reason we shouldn't look for a similar margin growth next year?

麥克，你能談談有線電視的利潤率嗎？我讚賞貴方上調了全年業績預期，但考慮到第四季度的季節性因素和政治廣告的潛在影響，這一預期仍然顯得保守。第四季有什麼事件會打破這種季節性趨勢嗎？展望未來，您過去曾談到明年將繼續暫停節目續訂，收入將轉向利潤更高的寬頻和商業領域，而且成本似乎還可以進一步下降。我們有什麼理由不期待明年也能維持類似的利潤率成長呢？

No, Phil, not a lot to add to what we've said previously and what we said today. 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. 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. Net cash flow in the Cable business up 16% year-over-year, quarter-to-quarter. So those trends will continue on the programming side. As we said, last 2 years prior to these ones were ones with big renewals. And so for a period of time, we will see relief on that side of things. 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. We won't give guidance beyond this year. But obviously, that type of work is ongoing and continued runway ahead.

不，菲爾，沒什麼要補充的了，我們之前和今天都說過了。因此，我們很高興地確認，利潤率和資本密集度方面的預期將達到年初我們討論的改善幅度的高端，原因正如戴夫剛才強調的那樣。正如布萊恩所說，向利潤率更高的連結業務的轉變無疑有助於提高利潤率和淨現金流。有線電視業務淨現金流年增 16%，季增 16%。因此，這些趨勢將在程式設計領域繼續下去。正如我們所說，此前兩年都是大規模續約的兩年。因此，在一段時間內，我們會看到這方面有所緩解。Dave 的團隊在控制非程式設計方面的支出、在營運支出方面保持整體支出不變，同時擴大客戶群並改善客戶體驗，所有這些舉措都在持續推進。我們不會提供今年以後的指導意見。但很顯然，這類工作仍在進行中，未來還有很長的路要走。

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. First, on share repurchases. You've suspended them for next year, but we don't have you getting back to 2.2x leverage until the end of 2020. 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. And then on wireless, it looks like the losses -- EBITDA losses have been steadily receding. Have we passed the peak in losses? And would you expect the losses to continue receding from here? And on subscriber growth, there's been a nice sort of gradual steady progression in growth. Should we expect this trend to continue? 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?

請問我有兩個問題。首先，關於股票回購。你們已經暫停了明年的槓桿率，但我們預計在 2020 年底之前，你們的槓桿率不會再恢復到 2.2 倍。我想知道是否可以在槓桿率降至最近的閾值之前重新開始回購，還是真的要推遲到 2021 年。無線業務方面，虧損－EBITDA虧損似乎一直在穩定減少。損失高峰期已經過去了嗎？你認為損失會繼續減少嗎？在使用者成長方面，一直呈現出一種良好且穩定成長的態勢。這種趨勢會持續下去嗎？或者，透過將產品與寬頻捆綁在一起，真正讓消費者意識到從你們這裡獲得無線服務可以節省多少錢，從而有機會看到更有意義的成長加速嗎？

Jonathan, it's Mike. I'll take the first one. 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. We'll take it one year at a time. So suspension of the buyback for next year is already, say, at this stage. But I will say again, we intend to make that our priority. 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.

喬納森，我是麥克。我選第一個。因此，關於股票回購，我們的目標是在 18 到 24 個月內，正如我所說，將槓桿率恢復到與我們維持的評級和我們所做的承諾相符的水平。我們會一年一年地來。因此，暫停明年的股票回購計畫目前可能已經到了這個階段。但我還是要再次強調，我們將把這件事當作首要任務。我們將專注於現有各項業務的有機成長計劃，繼續推動所有業務的執行，然後看看未來一年世界會發生什麼變化。

Let me -- this is Dave. I'll go into mobile. So after starting this category, launching the category last spring, I think we're off to a really good start. We're ending Q3 with over 1 million customer lines and I think solid momentum. 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. So just early pulse check on that is showing that there's real hope there. So we like that. The other 2 reasons stand. 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. So overall, this is -- the trending is what we expected. It's still early, but encouraged.

讓我來——這位是戴夫。我要進軍移動領域。所以，自從去年春天推出這個類別以來，我認為我們已經有了一個非常好的開始。第三季末，我們的客戶線路數量超過100萬條，我認為發展勢頭良好。現在還為時過早，非常早，但我們感到鼓舞的是，在考慮行動裝置時，我們這樣做的主要原因之一是為了提高寬頻用戶留存率。所以，初步的初步結果顯示，確實存在著希望。我們很喜歡這一點。其他兩個理由仍然成立。在這一點上，我們始終堅持，我們將大規模實現獨立的無線經濟效益，我們還將尋求吸引更多寬頻客戶，並透過行動技術拓展更多客戶關係。總的來說，趨勢符合我們的預期。現在下結論還為時過早，但這令人鼓舞。

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

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Maybe a quick question on the broadband market. You've seen some good comps on the net add side. What would you say is the primary driver for that improvement that we've seen after seeing sort of some deceleration for a while? And along with that, have you seen any changes in the competitive environment today?

或許可以問一個關於寬頻市場的問題。你已經看到了一些不錯的淨增值對比數據。您認為在經歷了一段時間的成長放緩之後，推動我們進步的主要因素是什麼？此外，您認為當今的競爭環境發生了哪些變化？

Well, you go through competitive cycles and -- most certainly in broadband, and we saw there's just a little bit more promotional activity. But you have to look I think at the absolute performance in terms of how we look at it. The best -- as Brian said, our net add performance is at 363,000 broadband net additions, best in 10 years. And you look to the drivers, very solid churn. It's an attractive product. And we continue to differentiate, as I mentioned earlier. Our focus is to have the best product in the marketplace, that we will have the best speeds, delivered now 1 gig availability. You have 70% of our customers that have 100 megabits and above. Where people are going, the expectations around broadband are going up in terms of all the different opportunities, whether it's streaming, applications. So there's a real appetite for better broadband. And the bar is being raised, not just in speed but in terms of in-home coverage. 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. And then you look at the results in terms of churn improvement. But also, the broadband ARPU going up at 4.5 -- a little over 4%, we're real pleased with that, too. I think it shows the overall value of Broadband. So I think I like the runway. 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%. There's room for growth, and we have markets -- some of our local area -- operating areas that are well above that average. We should do better and so we're expecting to do so.

嗯，競爭總是有週期性的，尤其是在寬頻領域，我們看到促銷活動稍微多了些。但我認為，你必須從我們看待問題的角度來審視它的絕對表現。正如布萊恩所說，我們寬頻淨新增用戶數達到了 363,000 戶，是 10 年來最好的成績。再看看司機，人員流動非常穩定。這是一款很有吸引力的產品。正如我之前提到的，我們將繼續保持差異化。我們的目標是打造市場上最好的產品，提供最快的速度，現在即可享受 1G 的頻寬。我們的客戶中有 70% 的人擁有 100 兆位元及以上的網路速度。隨著人們生活水準的提高，人們對寬頻的期望也越來越高，希望它能帶來各種不同的機會，無論是串流媒體還是應用程式。所以人們對更好的寬頻服務有強烈的需求。而且標準正在提高，不僅在速度方面，而且在家庭覆蓋範圍方面也是如此。所以我們希望在提供最佳家庭體驗方面脫穎而出，我們認為 xFi 正在實現這一目標，速度、覆蓋範圍和控制這三方面都做到了。然後，你再從客戶流失率改善的角度來看結果。此外，寬頻 ARPU 成長了 4.5——略高於 4%，我們也對此感到非常滿意。我認為這體現了寬頻的整體價值。所以我覺得我喜歡T台。對我來說，能夠反映市場前景的主要因素之一是我們的市場滲透率，約為 46.5%，而整個市場的滲透率為 80%。還有成長空間，而且我們有一些市場——我們當地的一些市場——營運區域遠高於平均水平。我們應該做得更好，我們也期望能夠做到這一點。

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. 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. So can you talk about the Pay TV sub trends on the media side? And then secondly, on advertising. 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. I don't know if NBC is just a different animal and trends have been stronger so we shouldn't extrapolate. So any color on the outside would be helpful, too.

我想重點談談NBC和NBC環球。我想，就廣播電視網和有線電視網而言，史蒂夫，有人擔心虛擬多頻道視訊節目分銷商（MVPD）的發展速度實際上正在放緩，儘管開場白似乎表明並非如此。那麼，您能談談媒體方面付費電視的細分趨勢嗎？其次，是關於廣告。我們知道政治因素影響很大，但人們對潛在趨勢有一些疑問，尤其是在汽車領域，因為與中國的貿易戰。我不知道NBC是否只是個特例，趨勢更強勁，所以我們不該以此為由進行推斷。所以，外面塗上任何顏色都會有幫助。

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. We've had 7 quarters in a row of 7% or better OCF growth on the cable side. Broadcast is doing just fine. The advertising market is very strong. Scatter is strong. We had the best upfront we've ever had just a few months ago, and scatter is up very substantially. Political is way up. We're having a very, very strong political. I'm talking on the NBCUniversal side, not for Spotlight, although I think some of the same trends are there. Very, very strong political season. Looks more like an election -- like a Presidential year than a midterm year. 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. In the most recent month, those trends did not keep getting better. They stayed about the same. So I think maybe the growth of the virtual MVPDs is starting to plateau or at least, for the last month. 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. But our television business continues to be very, very strong. 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.

因此，儘管有許多眾所周知的因素表明，未來 10 年電視產業的發展前景可能不如過去 10 年，但我們的電視產業依然非常強勁。我們在有線電視業務方面已經連續 7 個季度實現了 7% 或更高的營運現金流成長。廣播一切正常。廣告市場非常強勁。分散性很強。就在幾個月前，我們迎來了有史以來最好的預售期，而散戶數量也大幅增加。政治新聞大幅上漲。我們正經歷一場非常非常激烈的政治鬥爭。我指的是 NBCUniversal 這邊的情況，而不是 Spotlight，儘管我認為兩者之間存在一些相同的趨勢。今年的政治情勢非常非常激烈。看起來更像是一場選舉——更像是總統選舉年，而不是中期選舉年。就子趨勢而言，如果你查看過去 12 個月的數據，並將傳統 MVPD 和虛擬 MVPD 加起來，你會發現，在過去一年的每個月裡，這些趨勢都在好轉。最近一個月，這些趨勢並沒有持續好轉。它們基本上保持不變。所以我認為虛擬多頻道視訊節目分銷商的成長可能開始趨於平穩，或者至少在過去一個月是如此。但這些趨勢一直在好轉，這主要是因為傳統 MVPD 的用戶流失率基本上保持不變，而虛擬 MVPD 隨著推出和發展，變得更加積極進取，用戶數量不斷增長，但這種增長似乎正在趨於平緩。但我們的電視業務依然非常非常強勁。我認為，隨著世界向串流媒體轉型，我們希望確保我們尊重和培育電視產業，繼續投資電視產業，並在新技術方面繼續保持領先地位。

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

我們不妨在本次電話會議的這個環節再回答一個問題？

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

這個問題將來自 Craig Moffett 和 MoffettNathanson 的生產線。

First, Brian, congratulations on the Sky acquisition. For Cable, I want to return to the question about margins and capital intensity, if I could. The trends, as you've discussed and as some of the questions have suggested, are running meaningfully ahead of historical trends. 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? 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. Is that lower now? Is your sense that capital intensity in this business could be meaningfully below the mid-teens?

首先，布萊恩，恭喜你收購了天空電視台。如果可以的話，我想回到關於利潤率和資本密集度的問題來談談有線電視。正如您所討論的以及一些問題所表明的那樣，目前的趨勢明顯領先於歷史趨勢。鑑於非程式成本成長接近零，您是否改變了對這個行業利潤率能達到多高的看法？同樣地，關於資本密集度，我想你以前總是說 15% 是一個長期指導原則——或者說，一個目標——如果你願意的話。現在更低了嗎？您是否認為該產業的資本密集度可能遠低於十幾個百分點？

So Craig, I'll start and Dave can finish. 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. 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. And the same positive dynamics of the mix shift to connectivity, given the efficiency, as Dave described, of our hybrid plant. So the long run looks to be very good. 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. 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.

克雷格，我先開始，戴夫來收尾。我的意思是，就像我之前說的，我認為各種趨勢、努力以及商業動態的組合，包括成本方面的努力和客戶體驗方面的努力，都在提高利潤率，我認為已經提高了利潤率。我們無法預測他們接下來的行動方向，但可以肯定的是，他們仍然會繼續努力，這與我們所看到的趨勢一致。正如戴夫所描述的那樣，鑑於我們混合工廠的效率，這種積極的混合動態也轉向了連結性。所以從長遠來看，前景非常樂觀。從長遠來看，我不會談論資本密集度，因為我——很顯然，我們從來沒有這樣的長期指導。但我認為我們對有線電視系統的財務模式以及未來幾年的財務模式前景感到滿意。

I think just to add, I think everything starts, Craig, with -- from our standpoint of driving healthy, profitable revenue. And the high-margin connectivity businesses, that's why this is so important, broadband, but also business services. Bill Stemper and his team are doing a terrific job driving all 3 segments, SMB, mid-market and now enterprise. There's just room for growth there. So very focused on that. 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. I think this goes hand-in-hand. Taking transactions out of the Cable business is good for the customer, it's good for the business. 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. We're proactively looking at customer issues and solving them in the first place before they even call us. So this is where our focus is. I think it's really good. It takes out the unnecessary cost in the business. We're going to continue to be very focused on it and I see a good runway for improvement there.

我想補充一點，克雷格，我認為一切都始於──從我們的角度來看，就是推動健康、獲利的收入。而高利潤的連結業務，也就是寬頻業務，以及商業服務，才是這麼重要的原因。Bill Stemper 和他的團隊在推動中小企業、中端市場以及現在的企業這三個細分市場方面做得非常出色。那裡還有很大的發展空間。所以非常專注於此。第二點——正如麥克所提到的——有助於提高利潤率，我們非常專注於改善客戶體驗，並且一直堅持不懈。我認為這兩者是相輔相成的。將交易從有線電視業務中剝離出來，對客戶有好處，對企業也有好處。看看本季的一些結果，扣除超過 550 萬通電話，扣除大量的上門服務，我們只專注於新客戶導入和重複操作。我們積極主動地尋找客戶問題，並在他們聯繫我們之前就著手解決這些問題。所以，這就是我們關注的重點。我覺得真的很好。它能消除企業中不必要的成本。我們將繼續高度重視這一點，我認為它有很大的改進空間。

I think it's a perfect transition point. Thank you, Craig, for that question because it underscores the strength and the momentum of the core company and the core businesses. And Cable, broadband, the pivot, best results in a decade. 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. Jason?

我認為這是一個完美的過渡點。克雷格，謝謝你提出這個問題，因為它凸顯了公司核心業務的實力和發展勢頭。有線電視、寬頻、轉型，取得了十年來最佳成果。自從我們收購 NBCUniversal 以來，我們一直保持著兩位數的複合成長率，這為我們接下來的發展奠定了基礎。傑森？

Okay. Thanks, Brian. 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. (Operator Instructions)

好的。謝謝你，布萊恩。那麼，我們將結束第三季收益部分的電話會議，現在過渡到討論我們最近對 Sky 的收購。（操作說明）

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

那麼，現在讓我再次把麥克風交給布萊恩。

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

今天我很高興邀請到天空電視台長期以來成功的執行長傑里米·達羅克先生來到現場。我們認為 Sky 是一家非常出色且獨特的獨立企業，與 Comcast 完美契合。希望您能得出同樣的結論，最好的方法是直接聽 Jeremy 談談 Sky 的市場地位、品牌領導地位和強勁的成長潛力。之後，我將談談我們對合併後的公司及其前景的興奮之情。傑里米，歡迎。

Okay. Thank you, Brian, and good morning, everybody. Today, I'm going to cover 2 things. 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.

好的。謝謝你，布萊恩，大家早安。今天，我要講兩件事。首先，我將簡要介紹 Sky 的業務，然後我將談談我們現有的中期業務成長計劃，以及我為什麼有信心我們會成功。

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. 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. We uniquely combined a scale direct-to-consumer business with a scale content business. And that means we're not just an aggregator of content.

那我們開始看第四張投影片。首先要說明的是，歐洲與美國有所不同。歐洲市場的滲透率普遍較低，因此成長空間較大，獨家取得內容的能力也通常較強。我們對大型套餐的依賴程度大大降低，當然，歐洲的競爭格局也與美國有所不同。在這種背景下，Sky如今已成為歐洲娛樂和通訊領域的領導者。我們獨創性地將規模化的直接面向消費者的業務與規模化的內容業務結合起來。這意味著我們不僅僅是內容聚合者。

We have direct operational businesses in 7 territories, including 4 of the 5 largest and most valuable TV markets in Western Europe. 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. We have 27 million households as customers. 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.

我們在 7 個地區擁有直接營運業務，其中包括西歐 5 個最大、最有價值的電視市場中的 4 個。現在您也可以從這張投影片上看到我們的品牌透過 Sky News 等服務所涵蓋的地區，這當然為未來的發展奠定了基礎。我們擁有2700萬戶家庭客戶。這包括 2,300 萬直接客戶和 400 萬透過其他平台（例如英國的有線電視）造訪 Sky 頻道的客戶，這兩種市場管道的經濟效益相似。

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. Turning to Slide 5. We're Europe's leader in content by some margin. We have the #1 channels in all of the genres that matter most to customers. 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. 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，我們在核心市場的平均市佔率超過 60%，這賦予了我們真正的品牌實力。翻到第5張投影片。我們在歐洲的內容領域遙遙領先。我們在顧客最關心的所有類型中都擁有排名第一的頻道。因此，Sky One、Sky Atlantic、Sky Cinema 和 Sky Sports 是我們每個市場中必不可少的頻道組合，貢獻了超過一半的付費觀看量。因此，當顧客想到主要的付費頻道（例如電視劇）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品質、獨特的本地內容相結合。

In our markets, having the best local content is important to success. 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. Today, 4 out of the 5 top shows viewed on Sky One and Sky Atlantic will be Sky Originals. Similarly, in Sky Cinema, customers are used to having a single destination for the best movies. It's the only place to see the latest and freshest titles months before any other channels or SVOD. 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. For example, in Italy, 9 of the 10 most watched films on Sky Cinema were local.

在我們的市場中，擁有最好的本地內容對於成功至關重要。所以，義大利的《格莫拉》和德國的《從海底出擊》只是我們最近將當地故事帶給客戶並取得巨大成功的兩個例子。今天，Sky One 和 Sky Atlantic 收視率最高的 5 個節目中，有 4 個是 Sky 原創節目。同樣，在 Sky Cinema，顧客已經習慣在一個地方就能觀賞到最好的電影。這是唯一一個可以比其他任何頻道或 SVOD 平台提前數月看到最新最熱影片的地方。因此，我們與所有主要電影公司以及義大利和德國的電影公司都有合作協議，再加上當地電影，這對顧客來說非常重要。例如，在義大利，天空戲院收視率最高的 10 部電影中有 9 部是本土電影。

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

天空體育在我們各個市場都遙遙領先其他廣播公司。我們已經確保了 2021 年 90% 以上的比賽轉播權，其中包括大部分重要的足球比賽以及其他重要體育賽事，例如英國的板球和一級方程式賽車；德國的手球比賽；以及義大利的賽車運動。

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. Firstly, we provide the very best and broadest range of content for every household and everyone in that household. 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. Third, we deliver world-class customer service and we make the Sky experience better than anywhere else. And then finally, we underpin all of these through consumer data and insight. 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.

現在，我們的管道在我們 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，該業務圍繞著 4 個支柱構建。首先，我們為每個家庭和家庭中的每個成員提供最好、最廣泛的內容。其次，我們在廣泛的產品和服務領域提供最佳創新，並且在歐洲被廣泛認為是該領域的領導者。第三，我們提供世界一流的客戶服務，讓 Sky 的體驗比其他地方都好。最後，我們透過消費者數據和洞察來支撐所有這些。因此，從內容創作、產品開發到客戶服務，我們在整個價值鏈中不斷優化決策，以更好地服務客戶，並且我們建立了高度整合的營運系統來實現這一目標。

Turning now to Slide 7. We have a very strong brand. It's the strongest brand in our space and it's considered #1 for entertainment. 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. Over recent years, we've developed and launched a second brand called NOW TV. Now this allows us to broaden our reach to all customer segments and it provides us with additional ways to grow. So we are the only significant virtual MVPD in our markets in a way that's highly complementary to our Sky service.

現在來看第7張投影片。我們擁有非常強大的品牌。它是我們這個領域最強大的品牌，被認為是娛樂領域的佼佼者。它在歐洲尤其有名，現在定期覆蓋約 1.2 億人，如果我們想將新服務推廣到新地區，這將帶來良好的知名度。近年來，我們開發並推出了第二個品牌，名為 NOW TV。現在，這使我們能夠將業務拓展到所有客戶群體，並為我們提供了更多發展途徑。因此，我們是市場上唯一重要的虛擬多頻道視訊節目分銷商，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. 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. 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.

如今，這種品牌實力賦予了我們向客戶提供更多服務的合法性，我們也知道他們希望從我們這裡獲得更多。因此，隨著時間的推移，我們推動了高清、多螢幕以及現在的 Sky Q 等新型電視產品的普及，我們正在從零開始拓展家庭通訊和行動領域。透過將我們的品牌擴展到更多類別，我們擁有了更廣泛的機會領域，我們為客戶提供了更大的銷量，我們也獲得了更多的回報。

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. 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.

我們擁有一支實力雄厚、經驗豐富的管理團隊，他們長期合作，深諳在充滿活力和多元化的歐洲市場中取得成功之道。我們長期以來一直執行清晰一致的策略，這在各種情況下都實現了成長，包括不同的競爭對手狀況、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. We've grown revenues by 11% compound. We've carefully managed cost to enable us to increase EBITDA by 9% and cash flows by 7% per year. At the same time, we've continued to invest in future growth in the short term for a much bigger, longer term gain. So that's a bit about who we are. I now wanted to focus on our plans for future growth.

正如您在幻燈片 8 中看到的那樣，在過去的 10 年裡，我們的客戶群增加了一倍以上。我們的營收實現了11%的複合成長。我們透過精心控製成本，使 EBITDA 每年增長 9%，現金流每年增長 7%。同時，我們繼續投資於短期內的未來成長，以期獲得更大、更長遠的收益。以上就是我們的一些介紹。我現在想重點談談我們未來的發展計畫。

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. I'll take a few moments to talk about the priority areas that will deliver future growth. So if you can turn to Slide 11. Our first priority is to grow in all segments of Pay TV. Today, we have a range of products and services that meet customers' needs at a variety of price points. 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. 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. And we've recently launched our first Sky service without the need for a satellite dish. And this is potentially a major development for us, it opens up headroom in the existing markets for some customer segments. 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. In addition, it provides another way to take Sky into new territories to broaden our growth opportunity further over time.

正如你在第 10 張投影片上看到的，我們有一套強有力的計劃，並且在過去幾年中建立了許多基礎，現在我們專注於執行這些計劃。我將花幾分鐘時間談談未來成長的優先領域。所以請翻到第 11 張投影片。我們的首要任務是在付費電視的各個領域實現成長。如今，我們擁有各式各樣的產品與服務，能夠滿足不同價位顧客的需求。從隨選付費的 NOW TV 到提供極致體驗的 Sky Q，我們相信我們總有一款服務和產品適合您。義大利的DTT是我們在義大利開拓這一領域，將其作為另一個主要市場管道的最新例證，它讓我們能夠接觸到以前無法觸及的約200萬戶家庭的已安裝用戶群。我們最近推出了首個無需衛星天線的 Sky 服務。這對我們來說可能是一個重大進展，它為現有市場中的一些客戶群開闢了發展空間。為了讓您更清楚地了解情況，我們估計，如今有多達 600 萬個家庭無法擁有或不想擁有某種菜餚。此外，這也為 Sky 進入新領域提供了另一種途徑，隨著時間的推移，這將進一步擴大我們的成長機會。

Now underpinning that growth in Pay TV is our investment in content. Today, we spend around $9 billion each year on screen. As I've outlined on Slide 12, we've got 3 priorities for investment. First, continuing to maintain our position as #1 in both sports and movies. Second, building our investment in Sky originals. So for example, this year, we'll show 25% more hours of drama and around 50% will be returning series. 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. 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.

如今，付費電視的成長動力源自於我們對內容的投入。如今，我們每年在螢幕上的花費約為90億美元。正如我在第 12 張投影片中所概述的那樣，我們有 3 個投資優先事項。首先，我們將繼續保持我們在運動和電影領域的第一名地位。其次，加大對 Sky 原創內容的投資。例如，今年我們將增加 25% 的電視劇播出時長，其中約 50% 將是回歸劇集。在德國和奧地利，本地優質內容市場嚴重不足，今年我們將增加約 4 倍的投資，將《從海底出擊》和《八日》等電影搬上觀眾的螢幕。第三，我們將繼續建立合作夥伴關係，包括增加最相關的應用程式供應商，以便將所有重要內容聚合到一個易於使用的地方，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. 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. 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.

同時，我們越來越能夠對我們的產品組合做出選擇，以優化和節省成本。因此，你們應該預料到我們會減少對二線體育賽事版權等方面的投資，因為這些版權無法帶來價值；同時，由於我們已經建立了高品質的隨選服務，我們也會減少小眾電影和線性娛樂頻道的數量。此外，您也已經看到了我們透過新的英超合約所節省的資金，我們現在可以選擇將這些資金轉化為利潤，或將其中一部分投資到我們認為有進一步機會的地方。

Turning to slide 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. Today, we have access to potentially 118 million addressable households to sell our products and services into. However, with penetration at just 34%, there's some 78 million households yet to take Pay TV across our existing territories alone. And we don't need to capture much of that headroom to grow significantly. 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.

翻到第13張幻燈片。我之所以有信心我們能夠繼續保持未來的成長，原因之一是我們所處的市場極具吸引力，並且擁有龐大的成長空間。如今，我們擁有1.18億潛在目標家庭，可以向他們銷售我們的產品和服務。然而，目前付費電視的普及率僅為 34%，光是在我們現有的地區，就有大約 7,800 萬戶家庭尚未開設付費電視服務。我們並不需要佔據太多的發展空間就能達到顯著成長。舉個例子來說，如果 Sky 能佔據這 10% 的市場份額，我們就能再增加 800 萬戶家庭用戶，考慮到我們強大的品牌和市場領先的產品，我認為這是完全可以實現的。

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. 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. 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. And not only will this allow us to increase the number of products per customer, it will also unlock further Pay TV headroom. We also plan to grow the penetration of fiber within our U.K. broadband base, which has more than doubled in 2 years. 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. And then finally, we're going to scale Sky Mobile to be the U.K.'s leading MVNO. We launched 18 months ago and we've had a good start. We've added 650,000 customers to date and we're taking strong share of new handset sales.

現在，不斷增長的客戶群為交叉銷售創造了更大的空間，對此，我們也制定了一套重點計劃，我們在第 14 張幻燈片中概述了這些計劃。現在，這一切的核心是我們在義大利的計劃，我們將在那裡複製我們在英國所做的一切，當然，我們一定會取得巨大的成功。因此，繼我們與 Open Fiber 達成協議後，我們將於明年推出三網融合服務，透過他們的下一代網路提供真正的光纖到戶服務。這不僅可以讓我們增加每位顧客購買的產品數量，還可以釋放付費電視的進一步成長空間。我們還計劃提高光纖在我們英國寬頻用戶群中的普及率，該用戶群在兩年內增長了一倍多。客戶對更高網速的需求旺盛，而且由於我們與 BT Openreach 達成了新的協議，價格大幅降低，我們可以在實現良好利潤的同時加快用戶普及速度。最後，我們將把 Sky Mobile 打造成英國領先的行動虛擬網路營運商 (MVNO)。我們於18個月前啟動，目前進展順利。到目前為止，我們已經新增了 65 萬名客戶，並且在新手機銷售中佔據了相當大的份額。

Now we also believe we can scale our adjacent businesses, leveraging the investments we're making in content and technology. So let me just give you a few examples, which I've laid out on Slide 15 to bring that to life. 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. Our advertising business already generates more than $1 billion a year. 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.

現在我們也相信，我們可以利用在內容和技術方面的投資，擴大我們相關業務的規模。那麼，讓我舉幾個例子，我在第 15 張投影片上列出了這些例子，以便更生動地說明這一點。Sky Store 是我們的交易業務，目前已成為英國排名第一的數位零售商，市佔率達到 30% 至 40%。我們最近在其他市場推出了這項服務，以複製這一成功。我們的廣告業務每年已經創造超過10億美元的收入。我們將透過增加庫存和提高定價來進一步擴大規模，同時鞏固我們在高級廣告領域的領先地位，目前高級廣告貢獻了約 14% 的廣告收入。

Now a key part of this story is Sky Ad Smart, that's our targeted advertising platform, which has grown significantly since its launch. We've recently broadened its reach to new markets, services and platforms, all of which should propel its growth further. And then finally, we'll monetize our increased investment in original content to grow our international licensing revenues.

現在，這個故事的關鍵部分是 Sky Ad Smart，這是我們的定向廣告平台，自推出以來發展迅速。我們最近擴大了其業務範圍，涵蓋了新的市場、服務和平台，所有這些都將進一步推動其成長。最後，我們將把原創內容的增加投入變現，以增加我們的國際授權收入。

Turning to operating efficiency on Slide 16, which has been a big area of focus for the last 10 years. 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. 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. And with over $7 billion of non-programming costs to target, there's still a lot to aim for to continue our progress.

接下來，我們將討論第 16 張投影片中的營運效率問題，這是過去 10 年我們重點關注的領域。我們已將其發展成為組織的核心能力，並且取得了顯著進展，目前已將成本從佔收入的 45% 降低到 33%。展望未來，我們已在每個市場推出了一系列全面的舉措，這些舉措建立在您在此幻燈片中看到的 4 個關鍵支柱之上。此外，我們還有超過 70 億美元的非程式成本需要控制，因此，為了繼續取得進展，我們還有很多目標需要實現。

So if you bring all that together, Slide 17 illustrates how our plan delivers continued growth over the medium term. It also gives us many choices, about how we can grow and it provides for our continued investment on screen and in new innovation. Importantly, it's built on the same strategy that we've consistently executed over a number of years. 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.

因此，綜合以上所有因素，第 17 張投影片說明了我們的計劃如何在中期內實現持續成長。它還為我們提供了多種選擇，讓我們能夠發展壯大，並為我們持續投資於螢幕和新技術創新提供了保障。重要的是，它建立在我們多年來一直執行的同一策略之上。我們已經做了很多前期工作，奠定了基礎以確保其安全，我相信我們將繼續帶來豐厚的回報。

So in summary, on Slide 18. As Europe's leading entertainment and communications business, we are in a strong position to succeed. 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. We're excited about being part of a broader, more global organization. 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. I intend to stick around and I'm looking forward to leading Sky into the future. 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.

綜上所述，請看第 18 張投影片。作為歐洲領先的娛樂和通訊公司，我們擁有強大的成功實力。我們具備所需的技能和廣泛的發展機遇，並且我們制定了一套清晰有力的計劃來實現成長。我們很高興能成為一個規模更大、更俱全球性的組織的一份子。我們與康卡斯特的初步接觸非常順利，我必須讚揚這裡的管理團隊，他們對待我們的態度以及他們所建立的業務。我打算繼續留任，並期待帶領天空電視台走向未來。我們都對下一階段的成長以及加入康卡斯特後除了實現現有計劃之外還將帶來的更多機會感到振奮。

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

那麼，現在我把你交還給布萊恩。

Jeremy, really well done. Thank you. 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. 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. Together, we make each other even better. 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. 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.

傑里米，幹得漂亮！謝謝。正如你剛才聽到的，Sky 是一家很棒的公司，未來將有巨大的自然成長潛力，他們在有吸引力的市場中佔據領先地位，並且擁有頂級品牌。傑里米與魯珀特·默多克、詹姆斯·默多克以及其他許多人一起，打造了一家了不起的公司，這就是為什麼這個過程競爭如此激烈。我們攜手並進，讓彼此變得更好。合併後的公司是一家業務多元化的全球領導企業，業務涵蓋影片、寬頻、內容和分發，在世界五大經濟體中的三個國家擁有 5,300 萬高價值的直接客戶關係。如今，該公司已成為已開發經濟體中最大的付費電視營運商和固定寬頻供應商，在美國有線電視、美國寬頻和英國付費電視領域排名第一。

Sky triples our footprint of homes we can directly sell our TV products into, now nearly 200 million and nearly doubles our broadband footprint. 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. 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. Core to this formula is a great culture and strong leadership. 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.

Sky 將我們可直接銷售電視產品的家庭數量增加了兩倍，現在接近 2 億戶，寬頻覆蓋範圍也增加了近一倍。將 NBC 廣播和有線電視頻道組合起來，現在又包括 Sky 品牌的娛樂、體育、電影、新聞頻道，我們便成為所有 4 個主要付費電視地區收視份額的領導者。這一切都建立在訂閱制和經常性收入業務之上，這使得我們連續 23 年實現了 EBITDA 的成長，而 Sky 的加入更是為這極具吸引力的模式錦上添花。這一模式的核心在於優秀的企業文化和強而有力的領導。事實上，在過去一個月裡，隨著我們與 Sky 管理層相處的時間越來越多，我越來越感受到他們使命的相似性：透過人們喜愛的產品和內容，將更多的人與重要時刻聯繫起來。

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. That's why we're so excited. Jason, over to you for questions.

憑藉其全球影響力，Xfinity、Sky、NBC 和環球影業如今使康卡斯特在未來幾十年裡對媒體和科技的塑造發揮越來越重要的作用。這就是我們如此興奮的原因。傑森，接下來請你提問。

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

好的。謝謝你，布萊恩。Regina，我們現在開始問答環節。

(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. 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? 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? 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?

我有個問題想問羅伯茲先生。投資者最常問的問題之一是，你們是如何接受為收購 Sky 支付如此高的價格，並且還能創造經濟價值的？我只是想問一下，您能否簡單解釋一下，您認為在這個過程開始之前，Sky 的股票在市場上的定價是否合理，以及這其中有多少是基於 Sky 的獨立業務戰略，而非其未受干擾的股權價值？其中有多少取決於你作為一個新成立的實體所擁有的資產和能力？

Okay. Thanks, Jason. First of all, today, we moved forward and we are excited about the road ahead. But to that question, you never know exactly how securities are priced and what the motivating factors are. 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. 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. 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. These are super desirable assets when put together with a company like Comcast, and the fit makes it stronger. So first, as a stand-alone, I think it supports the values. Together, I think it increases the value. Time will tell. 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. 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.

好的。謝謝你，傑森。首先，今天我們取得了進展，我們對未來的道路感到興奮。但對於這個問題，你永遠無法確切地知道證券是如何定價的以及背後的驅動因素是什麼。但我確實認為它的定價有誤，可能是因為過去 5 年裡它一直處於各種併購變動之中，也可能是因為——曾經是大股東，或者是因為監管方面的不確定性，不管是什麼原因。正如傑里米剛才提到的，實際市場也發生了變化，體育版權和競爭力，以及義大利即將出現的新商業機會，例如推出寬頻和其他我們剛才聽到的事情。然後我注意到，正如我之前所說，迪士尼的出價比我們低了 10%，而我們競購福斯的出價也比他們低了 10%。這些資產與康卡斯特這樣的公司結合起來，會成為極具吸引力的資產，而這種契合度會增強公司的實力。首先，就其本身而言，我認為它支持這些價值觀。我認為兩者結合起來會提升價值。時間會證明一切。而且──我會回到那些對公司和我們想要製定的發展路線圖有著深刻了解的人那裡，他們本身就是股東，而且他們的淨資產佔比可能比任何人都高，他們就是公司的高階員工。高階員工都充滿熱情和動力，認為這將改變公司，給我們創造股東價值的機會，我們正在努力實現這一目標。

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

你的下一個問題來自 Kannan Venkateshwar 與巴克萊銀行的合作。

So a couple from me, if possible. On the Sky side, Brian, do you think the asset is fully scaled as it is today? And is there anything that you can use, potentially from the U.S. business, to drive synergy upside? For example, maybe using your scale across a sub base of 50 million plus to negotiate programming deals, for instance? And secondly, on the capital intensity front, both Comcast and Sky spend a lot of money on software. And obviously, there are similar products across both footprints. So could you help us understand what kind of upside we can see from that front.

如果可以的話，我也想分享幾個。Brian，就 Sky 這邊而言，你認為目前的資產規模是否已經完全發揮了？那麼，您是否可以利用美國業務中的某些資源來推動綜效的提升呢？例如，或許可以利用你超過 5,000 萬的子用戶群來洽談節目製作協議？其次，從資本密集度來看，康卡斯特和天空電視台都在軟體方面投入了大量資金。顯然，這兩個地區都有類似的產品。那麼，您能否幫助我們了解一下，從這個角度來看，我們能看到哪些正面？

Well, let me kick that off. Those are all important aspects of work that's underway. Let me start with the question about Sky and opportunities for better scale. Absolutely. 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. But the real opportunity is with north of 50 million homes, triple the footprint, innovation, purchasing, relationships, new products, where the world may head. That's what makes it so exciting and we've always believed scale mattered. That's been true. I think that's why our results at Comcast Cable were so stellar. That's why NBCUniversal has been able to grow as much as it has and I think Sky is a leader in its market. So that -- when you're doing something in a new market, you like to be the best. 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. Jeremy?

那我就先拋磚引玉吧。這些都是正在進行的工作的重要方面。首先，我想問一下關於 Sky 以及擴大規模的機會的問題。絕對地。我的意思是，這將極大地推動未來幾年內將會發生的事情，其中​​一些事情會立即體現在一些開支上。但真正的機會在於擁有超過 5,000 萬個家庭、三倍的規模、創新、採購、關係、新產品，以及世界可能的發展方向。正是這一點讓它如此令人興奮，我們一直認為規模很重要。確實如此。我認為這就是為什麼我們在康卡斯特有線電視公司取得如此優異成績的原因。這就是為什麼NBC環球能夠發展到如此規模的原因，我認為天空電視台也是其所在市場的領導者。所以——當你在新市場做某件事時，你肯定想做到最好。當你起步落後時，很難建立這樣的局面，但現在我們很幸運，在最好的市場裡擁有最好的產品和最好的領導團隊。傑里米？

Yes, just a couple of things to start. 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. I think Sky in the U.K. and Ireland clearly has got an outstanding market position. And from our own business has provided a footprint that we're now trying to roll out elsewhere. We're making really good progress in Italy. Germany is a less mature market but it's got massive potential if we can get it right over the next few years. 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. 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. There are obvious things I can immediately see that we'll exploit. And we're not going to front-run those, we're obviously going to develop our plans and then execute them. 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. So there'll be more of that to come. I'm very confident.

是的，先從幾件事開始。首先，在我看來，如果你想想現在合併後的實體，5000萬個家庭關係，以我們正在做的方式將其貨幣化，以及我們共同擁有的關係水平和滲透率，我想不出今天還有哪個企業擁有這樣的規模，顯然，我們會思考這意味著什麼，以及我們如何共同利用這一點。我認為英國和愛爾蘭的天空電視台顯然擁有卓越的市場地位。我們自身的業務已經累積了一定的成功經驗，現在我們正努力將這種經驗推廣到其他地方。我們在義大利取得了非常好的進展。德國市場雖然還不夠成熟，但如果我們能在未來幾年內把握好方向，它將擁有巨大的潛力。我們認為，歐洲肯定還有巨大的成長空間，我堅信，作為更大集團的一部分，我們將能夠更好地了解這一點，並從我們今天的起點出發，抓住這個機會。關於你提到的第二點，也就是軟體和資本密集度方面的問題，我認為，我們現在還處於起步階段，開始共同思考各種機會。我立刻就能看出有哪些顯而易見的可以利用之處。我們不會搶先一步，我們顯然會制定計劃，然後執行。但有些能力，例如戴夫今天在核心電纜業務中談到的，以及他正在開發的 xFi 等產品，我立刻看到了機會，我們可以藉鑑這些經驗，加快我們目前在英國寬頻市場的地位，或者在我們進入義大利寬頻市場時取得更大的進展。所以以後還會出現更多這樣的情況。我非常有信心。

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

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. Can we talk about the combined company's DTC plans? I guess, first on the SVOD side, you got Disney and now AT&T talking about launching SVOD products. Given the combined capabilities of the company, what can we expect from Comcast in that regard? And then maybe on the linear virtual side. Obviously, you've got Sky Now and that's doing well. 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? 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.?

偉大的。我們可以談談合併後公司的直接面向消費者（DTC）計畫嗎？我想，首先是 SVOD 方面，迪士尼已經宣布將推出 SVOD 產品，現在 AT&T 也正在討論這個問題。有鑑於該公司的綜合實力，我們能對康卡斯特在這方面抱持怎樣的期望？然後或許線上性虛擬方面。顯然，你們已經訂購了 Sky Now，而且它運作良好。我的意思是，傑里米，正如你所說，這些新市場的成長將由 SKY NOW 引領嗎？或許可以稍微談談該產品的經濟效益，以及我們目前在美國虛擬領域看到的經濟效益？

Well, with all the announcements of new streaming services, we'd be remiss if we didn't look at it very carefully. 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. By the way, our shows are very popular on streaming services. The Office is often the #1 show on Netflix within a month. We're a big percentage of Hulu. Our kids products that are made by DreamWorks Animation are very popular on Netflix. So we have a lot of shows that are currently very popular on streaming services. And we're looking at different ways that we could accelerate our business in terms of streaming. 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. And I think time will tell. 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. 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.

鑑於各種新串流媒體服務的發布，如果我們不仔細研究一下，那就太失職了。我們的結論是，串流媒體顯然會成為我們業務的一部分，但它並不能取代目前電視行業非常成功的業務。順便一提，我們的節目在串流媒體平台上非常受歡迎。《辦公室》經常在一個月內成為 Netflix 上最熱門的劇集。我們在Hulu的市佔率很大。我們與夢工廠動畫合作製作的兒童產品在 Netflix 上非常受歡迎。所以，我們有很多節目目前在串流媒體服務平台上非常受歡迎。我們正在研究各種方法來加速我們在串流媒體領域的業務發展。但我們做一切事情的出發點都是，我們擁有一個非常棒的現有業務，我們想要保護它、培育它並繼續發展它。我想時間會證明一切。我認為現在有點急於求成，認為傳統電視行業已經結束了，我們必須進入串流媒體時代。我們認為串流媒體在經濟上極具挑戰性，我們不想倉促行事，以免以任何方式讓原本非常成功的電視產業變得更糟。

I'd say in terms of Sky more generally, I'll come onto the second question on NOW as part of this. I mean, if you look, first of all, we've stepped into and we'll continue to step into new consumer trends and technologies. 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? 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. And the reason is, is that we want to service most customers over all our markets. And then do that in a complementary way. And that's been an effective way that we've continued to deliver sustained growth over time. Now as part of that, we've been testing new ways, potential to get into other markets. 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. We'll decide, as and when is the right time to do that and what's the right brand to use. 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.

就天空電視台整體而言，我會在 NOW 節目中回答第二個問題。我的意思是，首先，我們已經進入並將繼續進入新的消費趨勢和技術領域。例如，我們早在 2005 年就開始在英國分銷名為 Sky Player 的 OTT 服務產品？如今，在我們所有的市場中，我們都致力於推廣整體技術，因此無論是透過有線網路、我們自己的衛星和混合系統、OTT、行動網絡，例如所有行動營運商，都會提供像 NOW TV 這樣的服務。原因在於，我們希望服務我們所有市場上的大多數客戶。然後以互補的方式去做。而這正是我們持續實現長期穩定成長的有效途徑。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。在過去 12 個月裡，我們在西班牙推出了服務。事實上，我們剛剛在 Sky 完成了一項新的策略性 OTT 串流平台，這將使我們能夠非常迅速地進入任何其他國家。我們會根據實際情況，在適當的時機以及選擇合適的品牌來決定。但我認為從歐洲的角度來看，所有必要的組成部分都已到位，而且很顯然，正如史蒂夫所說，我們要做的事情之一就是集思廣益，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.

你的下一個問題來自摩根士丹利的 Ben Swinburne。

If I can ask two. 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. If we look at Sky, it's been sort of a mid single-digit grower in the last couple of years. 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? 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. You mentioned HBO. A lot of those companies are thinking strategically about going direct-to-consumer, including, I would imagine, in Europe. 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?

如果可以的話，我想問兩個問題。布萊恩，如果你把這筆交易放在 NBC 甚至追溯到 AT&T 寬頻的背景下看，你們從一開始就投資了這項資產，並且使收入基礎的增長速度比以前更快。如果看看 Sky，它在過去幾年裡一直保持著中等個位數的成長。如果我們展望 Sky 未來 3 到 5 年的發展前景，您是否預期會採取類似的投資策略，先加大對業務的投入，然後更快地提升營收？或者說，這項業務在營運上與那些交易有所不同？我只想問傑里米，我認為人們關注的一點，也是你在準備好的演講稿中強調的一點，是天空電視台在授權第三方內容方面創造了多少價值。你提到了HBO。很多公司都在從策略上考慮直接面向消費者，我想歐洲的公司也包括在內。您如何看待其中的風險？即使從財務角度來看，繼續與 Sky 合作可能是明智之舉，但從策略角度來看，他們是否有可能放棄與您合作？如果發生這種情況，您該如何管理產品和業務？

Well, let me start. 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. 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. So in that regard, there's a difference. 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. But they're also -- and you picked the right 2 deals. We've probably done over 100 deals over the career and the history of the company. But you picked the 2 that are really -- were transformative. Why is that? 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. It was now or never in those great markets. 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. And the theme parks and Telemundo, and what we now enjoy as 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. But he understood that customers wanted choice, they wanted the best provider and that, that was happening globally. And that allowed him to create all the content. That's the big difference. 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. 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. 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. Jeremy?

那我就先開始了。我認為我們對天空電視台的管理團隊、我們接觸過的人以及他們所取得的成果感到非常興奮和滿意。雖然AT&T和NBC環球都有很多優秀的人才，但在這兩家公司，我們都在第一天就做了一些調整。我們很高興傑里米和團隊中的許多成員——尤其是高階管理團隊——我們希望並相信他們都會留在新公司。所以在這方面，兩者是有差別的。但我認為，這些讓我們興奮並想要擁有 Sky 的企業的發展軌跡是因為它們具有成長潛力，而且我認為，傑里米提出了一個非常有說服力的理由，解釋了為什麼 Sky 可能被誤解，定價也可能錯誤，回到之前的問題。但它們也是——而且你選對了兩個交易。在我的職業生涯和公司發展歷程中，我們可能已經完成了超過 100 筆交易。但你選的這兩個確實──具有改變意義。這是為什麼？就 AT&T 寬頻而言，它使我們在美國獲得了規模優勢，使我們成為市場份額排名第一的有線電視公司，而這些市場份額是再也無法奪回的。在那些大市場中，機不可失，時不再來。這實際上是約翰·馬龍和阿莫斯·霍斯特特畢生的心血，而NBC環球則是一個故事，一個品牌，以及——盧·沃瑟曼畢生的心血，以及他們收購和創建的NBC和標誌性的有線電視頻道。還有主題樂園、Telemundo電視台，以及我們現在所擁有的NBC環球。就天空電視台而言，魯伯特·默多克很早就意識到電視產業將會發生變革，以及如何才能成為排名第一的品牌。他使用的技術與我們使用的技術不同，但隨著我們展望未來，進入 IP 數位時代，這些技術正變得越來越不相關。但他明白，顧客想要選擇，想要最好的供應商，而且這種情況在全球範圍內都在發生。這使他能夠創作所有內容。這就是最大的差別。正如傑里米所說，它不是一個聚合器，而是一個真正的創造者，這對於未來的經濟效益和成長率來說意義重大，取決於我們如何執行。所以我覺得大家還是繼續關注吧，但我們都覺得這是一個意義非凡的時刻，至少我是這麼認為的，這將擴大規模，促進創新。我希望，假以時日，我們能夠實現收入、現金流以及最終的股東價值。在這樣的時刻，我們首先要做的是進入債券市場，並且取得了巨大的成功，認購額超額，現在我們已經把執行的任務交給了營運團隊。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. Now I don't see any reason why we can't continue to do that for our major partners. I think there are a number of things that underpin our position, which means that we're in a good place. 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. We've developed now an incredible range of content. I mean, in my tenure at Sky, that's probably been the single biggest thing that has changed. So the breadth now of content that we have on Sky and via our on-demand service has never been greater. And the good news from our point of view, is that gives us a lot of optionality around what we do. 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. 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. So it gives us the opportunity to create more of that ourselves and create more European stories that can complement what we do. And thirdly, I think we've got outstanding reach. 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. 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. And then the final 2 things I point you to, is just our brand and organization. I think we've got the #1 brand. We can -- we've got a proven track record, I think, of taking other brands and helping them grow. And then we've got a lot of boots on the ground. 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. And we know in this sector that being good at selling is only part of it. And managing churn and loyalty and keeping product sold is where you make your money. We think we're pretty good at that. 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. 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.

是的，本，我不這麼認為——首先，正如你所說，我認為我們與第三方合作如此成功的原因之一是，我希望，我們是一個在戰略上對所有方面都做對的合作夥伴，而且我們在經濟上也做對了，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。現在我看不出有什麼理由我們不能繼續為我們的主要合作夥伴這樣做。我認為有很多因素支撐著我們的地位，這意味著我們處境良好。之前我們稍微談到了我們的廣泛分銷模式，以及我們如何尋求在所有客戶群中實現每個市場的盈利，當然，這使我們能夠創造最大的收入池，最終我們可以決定將這些收入返還給我們的合作夥伴，並獎勵那些繼續使用 Sky 的用戶。我們現在已經開發出種類繁多的精彩內容。我的意思是，在我任職天空電視台期間，這可能是變化最大的一件事。因此，我們現在在 Sky 和點播服務上擁有的內容範圍比以往任何時候都更加廣泛。從我們的角度來看，好消息是，這給了我們很多選擇。因此，我們當然會專注於我們想要維持的關鍵合作夥伴，至於其他合作夥伴，我們也可以做出選擇，我們也樂於這樣做。當然，作為其中的一部分，我們也更大規模地開發了自己的原創內容，無論是電視劇、喜劇，還是日益增長的本土電影。因此，這給了我們機會創造更多這樣的故事，創造更多能夠補充我們工作的歐洲故事。第三，我認為我們的覆蓋範圍非常廣。如果您是合作夥伴，那麼沒有比這更好的商業模式來獲取客戶、展示您的內容並提升其價值了。此外，我們也越來越多地向合作夥伴提供其他服務，例如廣告銷售等。我們將代表我們的許多合作夥伴銷售廣告，這對他們來說是一種非常有效的方式，可以讓他們接觸到 Sky 以及我們提供的更廣泛的服務。最後我想強調兩點，那就是我們的品牌和組織架構。我認為我們已經擁有了排名第一的品牌。我們可以做到—我認為我們已經有成功的經驗，可以幫助其他品牌成長。而且我們還有很多地面人員。我們已經取得了更大的成就——直接影響超過 3 萬人，間接影響可能達到 25 萬人，他們可以確保我們成為最值得銷售的企業，並保持產品的銷售。我們都知道，在這個產業裡，擅長銷售只是成功的一部分。管理客戶流失和忠誠度，以及維持產品銷售，才是你賺錢的地方。我們認為我們在這方面做得相當不錯。所以，未來會發生什麼，我們拭目以待。但我感覺我們擁有一系列非常強大的資源，使我們能夠在這個世界中游刃有餘。而且，紀錄總得有一定的意義吧。我認為，回顧過去 10 到 15 年的發展歷程，儘管經歷了各種技術變革、經濟狀況和競爭環境的變化，我們的業務仍然保持強勁成長。如果我們繼續這樣做，我看不出有什麼理由說這種情況不會在未來繼續下去。

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

我們最後一個問題將來自 Vijay Jayant 與 Evercore 的合作。

Two, if I may. Obviously, Comcast is very strong in the broadband business. Sky is the reseller. Is there any thoughts longer term to become a facilities-based provider for broadband in 3 really large markets in Europe? 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?

如果可以的話，我想說兩個。顯然，康卡斯特在寬頻業務方面實力非常強大。Sky是經銷商。長遠來看，是否有可能成為歐洲三大大型市場寬頻基礎設施供應商？現在您有機會對 Sky 的內部機會進行更多研究，您發現的 5 億美元協同效應是否會改變？或是您認為這筆資金多久能到帳？

Vijay, it's Mike. I'll start then Jeremy can add on. In terms of synergies, we're confident, very confident in the $500 million of synergies that we talked about. 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. But no changes to our guidance on that score. And then in terms of future investment beyond the organic plans. At Sky, I think we're going to run the organic play, as Jeremy described. 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. But Jeremy, I don't know if you want to add to that at all?

維傑，我是麥克。我先開始，然後傑里米可以接著說。就綜效而言，我們非常有信心，相信我們之前提到的 5 億美元綜效能夠實現。我們已經為此努力了一個月，天空電視台、康卡斯特和NBC的所有團隊都齊聚一堂，共同探討各種機會，我們對之前製定和公開討論的內容都非常有信心，這些都將在未來幾年內實現。但我們在這方面的指導方針沒有改變。然後是超出現有投資計劃的未來投資方面。我認為，在天空電視台，我們將採取像傑瑞米所描述的那種有機成長策略。顯然，美國的市場結構與歐洲不同，這為利用其他人在寬頻計畫上的投資創造了巨大的機會。但是傑里米，我不知道你是否想補充什麼？

Sure. I look, I think, Vijay, at this stage you're going to have to forgive us a little bit. I don't it's probably too helpful to front-run ideas or giving a running commentary on those. We'll come back I think when we've got something more substantive to say. And what I would say though is we're connected already. We've had plenty of time to think about this at Sky so we're well-organized. 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. 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. 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. 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. 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. 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. So we'll think through those things over the coming months.

當然。我想，Vijay，到了這個地步，你得稍微原諒我們一下。我認為提前預測某些想法或對這些想法進行即時評論可能不太有幫助。我想我們會等到有更實質的內容要說的時候再回來。但我想說的是，我們之間其實已經有所連結了。天空電視台有充足的時間考慮這個問題，所以我們準備得很充分。我們現在已經制定了一套清晰的計劃，說明我們如何進入這個領域，如何開始梳理和探索更宏大的想法，以及我們如何實現這些想法。正如麥克所說，隨著這些想法的不斷發展和實現，我們會回來和大家詳細談談為什麼我們認為這些想法很棒，以及我們將如何實現它們。關於寬頻，具體來說，我認為它屬於我們將要關注的範疇。正如你所說，我們擁有——為了明確起見，我們在英國有自己的寬頻網絡，它實際上是圍繞著英國的運河系統建造的。它連接到大約 2500 個 BT 交換機，我們擁有非常好的監管環境，這使我們能夠以成本為基礎的經濟模式獲得接入，因此我們能夠受益於許多老化和減值的基礎設施，然後我們使用 BT，主要是 BT 的「最後一公里」入戶服務。在義大利，我們與Enel公司達成了一項略有不同的協議。 Enel是國家支持的光纖到府服務供應商，他們正在義大利的城市和地區建造光纖網絡，數量大約有271個（我憑記憶估計）。因此，從某種意義上說，從能力角度來看，我們將超越我們在英國所做的工作，但同時也基本上執行我們在英國採用的三網融合商業模式。所以我們對此感到非常興奮，我認為這在義大利可能是一個很棒的想法。從我們的角度來看，能夠利用該組織在有線寬頻通訊方面的能力，對我們來說是一個巨大的機會。所以接下來幾個月我們會仔細考慮這些問題。

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

最後，我要感謝大家抽出額外的時間，我認為這段時間花得非常值得，讓我們更深入地了解了 Sky，為什麼它是一家很棒的公司，為什麼它如此適合我們，以及為什麼我們如此興奮。我認為本季的業績已經說明了一切，我們將在90天後與您再次溝通。

Thank you, Brian. Regina, back to you. Thanks, everyone.

謝謝你，布萊恩。雷吉娜，把鏡頭還給你。謝謝大家。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, November 1, at midnight Eastern time. The dial-in number is (855) 859-2056 and the conference ID number is 8169597. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern time today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間11月1日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 8169597。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。

Caution Concerning Forward-Looking Statements

關於前瞻性聲明的注意事項

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

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

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

重要通知：本文件中有關 COMCAST BIDCO LIMITED（「COMCAST BIDCO」）（COMCAST CORPORATION（「COMCAST」）的間接全資子公司）對 SKY PLC（「SKY」）的收購要約（「要約」）的資訊（「資訊」）

Further information

更多資訊

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

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

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

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

Certain industry, market and competitive position data contained in the Information may have come from official or third party sources. Although third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, there is no guarantee of its accuracy or completeness and neither Comcast nor Comcast Bidco has independently verified such data. In addition, certain of the industry, market and competitive position data contained in the Information comes from Comcast's own internal research and estimates based on the knowledge and experience of Comcast's management in the markets in which the Comcast operates. While Comcast believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this document.

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

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

致Sky美國股東和Sky ADR持有人的重要訊息

Sky is a public limited company incorporated in England. The Offer 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. 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. 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. Sky's financial information, including any included in the Offer documentation, will not have been prepared in accordance with U.S. GAAP, or derived therefrom, and may therefore differ from, and not be comparable with, financial information of U.S. companies.

天空電視台是一家在英格蘭註冊成立的上市公司。本次要約是向美國天空電視台的股東發出的，符合經修訂的 1934 年美國證券交易法（「美國證券交易法」）中適用的美國要約收購規則。根據《美國證券交易法》（包括其下的第 14E 條例），不考慮美國證券交易委員會（「SEC」）未採取任何行動和給予任何豁免救濟，並按照英國法律的要求進行。因此，該要約須遵守揭露和其他程序要求，包括撤回權、要約時間表、結算程序和付款時間，這些要求與美國國內要約收購法律和實踐中適用的要求不同。Sky 的財務信息，包括要約文件中包含的任何信息，均未按照美國通用會計準則編制，也未從中得出，因此可能與美國公司的財務信息有所不同，並且不具有可比性。

Comcast and/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. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Information about any such purchases or arrangements to purchase that is made public in accordance with English law and practice will be available to all investors (including in the United States) via the Regulatory News Service on www.londonstockexchange.com.

Comcast 和/或 Comcast Bidco 及其關聯公司或經紀人（視情況而定，作為 Comcast 和/或 Comcast Bidco 及其關聯公司的代理人）可能不時地（除根據要約外）直接或間接地在美國境外購買或安排購買 Sky 的股份或任何可轉換為、可交換或可行使該等證券，前提是美國證券交易委員會根據美國證券交易委員會根據美國證券交易條規則授予的豁免救濟允許的範圍，並遵守英國《城市收購和合併守則》。這些購買既可以在公開市場上以現行價格進行，也可以在私人交易中以協商價格進行。根據英國法律和慣例公開的任何此類購買或購買安排的信息，將透過 www.londonstockexchange.com 上的監管新聞服務向所有投資者（包括美國的投資者）提供。

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

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