康卡斯特 (CMCSA) 2018 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2018 Earnings Conference Call.

女士們，先生們，早上好，歡迎參加康卡斯特 2018 年第四季度和全年收益電話會議。

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

（操作員說明）請注意，此電話會議正在錄音中。

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

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

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯特朗先生。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

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

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

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

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

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

與往常一樣，現在讓我向您推薦幻燈片 #2，其中包含我們的安全港免責聲明，並提醒您，本次電話會議可能包括受某些風險和不確定性影響的前瞻性陳述。

In addition, in this call, we will refer to certain non-GAAP financial measures.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。

Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

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

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

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。

Brian?

布賴恩？

Thank you, Jason, good morning, everyone.

謝謝你，傑森，大家早上好。

2018 was a successful and pivotal year for Comcast, capped off by an outstanding fourth quarter, where we grew pro forma EBITDA by 11%.

對於康卡斯特來說，2018 年是成功且關鍵的一年，以出色的第四季度為結束，我們的備考 EBITDA 增長了 11%。

For the full year, we generated record free cash flow.

全年，我們創造了創紀錄的自由現金流。

We're now truly a global company with our acquisition of Sky.

通過收購 Sky，我們現在真正成為一家全球性公司。

And as you'll hear, we had many other significant achievements throughout each of our businesses.

正如您所聽到的，我們在每個業務中都取得了許多其他重大成就。

This success is based on a few guiding principles: be leaders in the markets in which we compete; continuously improve everything so we can deliver the best products and experiences; and keep building deep, highly valuable, recurring relationships with our customers.

這種成功基於一些指導原則：成為我們競爭市場的領導者；不斷改進一切，以便我們能夠提供最好的產品和體驗；並繼續與我們的客戶建立深厚的、高價值的、經常性的關係。

This is what allows us to have tremendous consistency and to think and compete for the long term.

這就是使我們能夠擁有巨大的一致性並進行長期思考和競爭的原因。

Throughout this very busy year, one of the things that stands out for me is that the team did not miss a beat, enabling us to deliver exceptional operational and financial results for the fourth quarter and 2018.

在這非常忙碌的一年中，讓我印象深刻的一件事是團隊沒有錯過任何一個節拍，這使我們能夠在第四季度和 2018 年提供出色的運營和財務業績。

So let's turn to a few of the highlights as well as some of the growth opportunities we see in the coming years.

因此，讓我們轉向一些亮點以及我們在未來幾年看到的一些增長機會。

In Cable, we made a very successful transition to a connectivity-centric model, and that drove our fantastic performance in 2018.

在 Cable，我們非常成功地過渡到以連接為中心的模式，這推動了我們在 2018 年的出色表現。

The strategy is clear, deliver the best products and experiences while improving our focus on keeping the customer at the center of everything we do.

戰略很明確，提供最好的產品和體驗，同時提高我們對保持客戶為我們所做一切的中心的關注。

In the fourth quarter, customer relationships increased by 258,000, and EBITDA growth of 7.3% was the best for our fourth quarter in 8 years.

第四季度，客戶關係增加 258,000 人，EBITDA 增長 7.3% 是我們第四季度 8 年來最好的。

For the full year, we added 1 million net new customer relationships driven by our 13th consecutive year of over 1 million broadband net adds.

在我們連續第 13 年超過 100 萬個寬帶淨增加量的推動下，我們全年淨增加了 100 萬個新客戶關係。

Our connectivity businesses, residential broadband and business services, in total, grew revenue nearly 10% in 2018.

我們的連接業務、住宅寬帶和商業服務在 2018 年的總收入增長了近 10%。

We made progress in transforming the customer experience and taking unnecessary complexity and activity out of the business.

我們在轉變客戶體驗和消除業務中不必要的複雜性和活動方面取得了進展。

Greater than 75% of transactions are now being completed through digital touch points.

現在，超過 75% 的交易是通過數字接觸點完成的。

In the past 12 months alone, we have reduced agent handled calls by 15 million and truck rolls by 1.5 million, all while adding 1 million new customer relationships.

僅在過去 12 個月中，我們就減少了 1500 萬個座席處理電話和 150 萬個上門服務，同時增加了 100 萬個新客戶關係。

Altogether, this resulted in Cable EBITDA growth of 6.5%, the best for our full year in 7 years and net cash flow growth of 13%.

總而言之，這導致有線電視 EBITDA 增長 6.5%，是我們 7 年來全年的最佳水平，淨現金流增長 13%。

Our focus on network differentiation and product innovation continued throughout the year.

我們全年持續關注網絡差異化和產品創新。

We rolled out gigabit speed availability to nearly all of the 58 million homes and businesses in our footprint and are redefining the in-home broadband experience for our customers with the best speed, coverage and control, which we call xFi.

我們為我們足跡中的 5800 萬戶家庭和企業中的幾乎所有家庭和企業推出了千兆速度可用性，並以最佳速度、覆蓋範圍和控制為我們的客戶重新定義家庭寬帶體驗，我們稱之為 xFi。

In video, we are leveraging our X1 platform to be the best aggregator of aggregators, delivering the broadest selection of content.

在視頻方面，我們正在利用我們的 X1 平台成為最好的聚合器聚合器，提供最廣泛的內容選擇。

With our integration of YouTube, Netflix and, most recently, Amazon Prime Video in December, X1 is the best platform to consume live, on demand and streaming content on TV and on Xfinity Stream.

隨著我們在 12 月整合了 YouTube、Netflix 以及最近的 Amazon Prime Video，X1 是在電視和 Xfinity Stream 上消費直播、點播和流媒體內容的最佳平台。

Xfinity Mobile, which has quickly become another important component of our bundled offerings for customers, ended 2018 with 1.2 million subscriber lines.

Xfinity Mobile 已迅速成為我們為客戶提供的捆綁產品的另一個重要組成部分，截至 2018 年底擁有 120 萬用戶線。

We're very pleased with this performance in mobile so far and the value it adds to the bundle and are on track to achieve our primary objectives, including positive stand-alone economics.

到目前為止，我們對移動領域的這種表現以及它為捆綁包增加的價值感到非常滿意，並且有望實現我們的主要目標，包括積極的獨立經濟。

Customer satisfaction is increasing, and retention improved across all of our products in 2018, notably including the best broadband retention on record.

客戶滿意度不斷提高，2018 年我們所有產品的留存率都有所提高，尤其是有記錄以來的最佳寬帶留存率。

So our Cable team is leading, and their big strategic shifts are really paying off.

所以我們的有線電視團隊處於領先地位，他們的重大戰略轉變確實得到了回報。

Looking ahead, we hope to build on this positive momentum.

展望未來，我們希望在這一積極勢頭的基礎上再接再厲。

We expect connectivity will, again, be the growth engine of our Cable business in 2019 and beyond with sustainable benefits to our financial results as our mix shifts more towards these margin-accretive businesses.

我們預計連接性將再次成為我們有線電視業務在 2019 年及以後的增長引擎，隨著我們的組合更多地轉向這些可增加利潤的業務，我們的財務業績將獲得可持續的收益。

We see lots of runway ahead and, this should help us deliver another year of healthy customer and net cash flow growth in 2019.

我們看到前方有很多跑道，這應該有助於我們在 2019 年實現又一年的健康客戶和淨現金流增長。

NBCUniversal has had an incredible run with EBITDA growth at a double-digit compound annual rate since our acquisition, and we are well positioned to succeed for years to come with scale, must-see content and, I believe, the premier management team in the media industry.

自我們收購以來，NBCUniversal 的 EBITDA 以兩位數的複合年增長率取得了令人難以置信的增長，並且我們有能力在未來幾年內以規模、必看的內容以及我相信的一流管理團隊取得成功媒體行業。

NBCUniversal ended a very good year on a strong note.

NBC環球以強勁的勢頭結束了非常好的一年。

Fourth quarter EBITDA increased 12%, driven by over 20% growth at our TV businesses.

在我們電視業務增長超過 20% 的推動下，第四季度 EBITDA 增長了 12%。

For the full year, TV EBITDA increased by 15% with growth across all revenue streams, reflecting successful execution of our strategy, focused on big events and must-see entertainment, news and sports content.

全年，電視 EBITDA 增長了 15%，所有收入流均實現增長，這反映了我們成功執行戰略，專注於大型活動和必看的娛樂、新聞和體育內容。

NBC had a notable year, finishing the 52-week broadcast season at #1 in total viewers for the first time in 16 years and #1 in adults 18 to 49 for the fifth consecutive year in prime.

NBC 有一個值得注意的一年，在為期 52 週的廣播季中，16 年來首次在總觀眾人數中排名第一，在 18 至 49 歲的成年人中連續第五年在黃金時段排名第一。

MSNBC was also a real standout, reaching record viewership for the full year in its largest-ever lead over CNN.

MSNBC 也是一個真正的佼佼者，全年收視率創下歷史最高紀錄，領先 CNN。

Our Theme Parks and Film businesses were meaningful contributors to NBCUniversal's profitability as well, and Mike will take you through the details for the fourth quarter and full year.

我們的主題公園和電影業務也是 NBCUniversal 盈利的重要貢獻者，Mike 將帶您了解第四季度和全年的詳細信息。

Now looking to 2019 and beyond.

現在展望 2019 年及以後。

As our 2018 results demonstrate, there is robust demand for our content across multiple platforms.

正如我們 2018 年的結果所表明的那樣，跨多個平台對我們的內容有著強勁的需求。

The popularity of our programming is what gives us a great opportunity to create our own streaming service, as we announced last week, which we plan to launch in 2020.

正如我們上周宣布的那樣，我們計劃在 2020 年推出的節目的受歡迎程度為我們提供了創建自己的流媒體服務的絕佳機會。

This service will be distinct and compelling, offering current and prior seasons, library and some original content with a light advertising load, all for free to Pay TV customers.

這項服務將與眾不同且引人注目，提供當前和以前的季節、圖書館和一些具有少量廣告負載的原創內容，所有這些都免費提供給付費電視客戶。

It's a great value proposition for consumers and provides marketers with unique, targetable digital advertising in high-quality, premium programming.

這對消費者來說是一個巨大的價值主張，並以高質量、優質的節目為營銷人員提供獨特的、有針對性的數字廣告。

It will harness all of the things that make our company so unique: NBCUniversal's premium programming, beloved franchises and industry-leading advertising sales capabilities, and Cable and Sky's broad distribution to 54 million direct customer relationships across the U.S. and Europe and top-notch IP video capabilities and infrastructure, including the Now TV OTT platform.

它將利用使我們公司如此獨特的所有因素：NBCUniversal 的優質節目、深受喜愛的特許經營權和行業領先的廣告銷售能力，以及 Cable and Sky 在美國和歐洲的 5400 萬直接客戶關係的廣泛分銷和一流的 IP視頻功能和基礎設施，包括 Now TV OTT 平台。

We believe that we can generate significant value with this service over time by enhancing our content monetization, strengthening the value of Pay TV, becoming a leader in targeted digital streaming advertising and expanding our reach through direct customer relationships.

我們相信，隨著時間的推移，我們可以通過提高我們的內容貨幣化、增強付費電視的價值、成為有針對性的數字流媒體廣告的領導者以及通過直接客戶關係擴大我們的影響力來利用這項服務產生巨大的價值。

At the same time, our approach to monetizing our content will remain balanced.

與此同時，我們將內容貨幣化的方法將保持平衡。

We will continue to sponsor a broad, varied distribution environment and see this platform as being a valuable addition to this highly effective strategy.

我們將繼續贊助廣泛、多樣化的分銷環境，並將這個平台視為對這一高效戰略的寶貴補充。

In Film, we have a terrific slate in 2019, which includes the third installment in DreamWorks' How to Train Your Dragon franchise, the next chapter in Illumination's brilliant Secret Life of Pets and the return of the Fast and Furious franchise with Hobbs & Shaw.

在電影方面，我們在 2019 年有一個了不起的計劃，其中包括夢工廠《馴龍高手》系列的第三部、Illumination 精彩的寵物秘密生活的下一章以及霍布斯與肖的速度與激情系列的回歸。

Finally, we have some wonderful attractions opening at our theme parks in 2019 with Jurassic World in Hollywood and a pretty thrilling new Harry Potter Coaster in Orlando.

最後，我們的主題公園將於 2019 年開放一些精彩的景點，包括好萊塢的侏羅紀世界和奧蘭多的全新哈利波特過山車。

In addition, with occupancy above 90%, even as we've more than doubled our on-site hotel rooms at the park over the last 5 years, we are looking forward to opening phase 1 of the 2,800-room Endless Summer Resort in Orlando in 2019.

此外，入住率超過 90%，儘管過去 5 年我們在公園內的酒店客房增加了一倍以上，但我們期待著在奧蘭多開設擁有 2,800 間客房的無盡避暑勝地的第一階段在 2019 年。

We're confident in the long-term growth potential at our parks with an exciting road map as our partnership with Nintendo debuts at Universal Studios Japan in 2020 and we bring a brand-new, large park to Beijing the next year.

隨著我們與任天堂的合作將於 2020 年在日本環球影城首次亮相，我們對我們公園的長期增長潛力充滿信心，並在明年將一個全新的大型公園帶到北京。

Turning to Sky, which we have viewed for years as a truly unique company that combines a direct-to-consumer business similar to Comcast Cable, with brands and content ownership economics like we have at NBCUniversal.

轉向 Sky，多年來我們一直認為它是一家真正獨特的公司，它結合了類似於 Comcast Cable 的直接面向消費者的業務，以及我們在 NBCUniversal 的品牌和內容所有權經濟學。

Sky operates in significantly underpenetrated markets and has terrific long-term growth ahead of it, including the potential to expand into new markets.

Sky 在滲透率嚴重不足的市場中運營，並且在其未來擁有驚人的長期增長，包括擴展到新市場的潛力。

As our teams have come together, the brand leadership, impressive customer loyalty, premier content and innovation-driven culture that attracted us to Sky in the first place have become even more apparent.

隨著我們的團隊走到一起，最初吸引我們加入 Sky 的品牌領導力、令人印象深刻的客戶忠誠度、一流的內容和創新驅動的文化變得更加明顯。

The team at Sky delivered a healthy fourth quarter, its first as part of Comcast.

Sky 的團隊在第四季度表現良好，這是康卡斯特的第一季度。

Sky's achievements in 2018 underscore some of the reasons we are so excited about this business.

Sky 在 2018 年取得的成就凸顯了我們對這項業務如此興奮的一些原因。

Sky grew its customer base in each of its territories with 735,000 total net additions in 2018, including a record second half of the year, bringing its customer relationships to nearly 24 million.

Sky 在其每個地區的客戶群都在增長，2018 年淨增加 735,000 人，其中包括今年下半年的創紀錄水平，使其客戶關係達到近 2400 萬。

It continued to innovate and scale its best-in-class Sky Q platform and launched a new TV offering in Italy with Sky over digital terrestrial television.

它繼續創新和擴展其一流的 Sky Q 平台，並在意大利推出了新的電視產品，採用 Sky over 數字地面電視。

Highlighting Sky's proven cross-selling abilities, fiber penetration increased and mobile customers continue to scale in the U.K. Sky's successful original programming strategy drove strong viewing with Sky originals representing 9 out of the top 10 rated shows on its wholly-owned and partner entertainment channels in 2018.

突出 Sky 久經考驗的交叉銷售能力、光纖滲透率的提高以及移動客戶在英國的規模不斷擴大。 Sky 成功的原創節目策略推動了強勁的收視率，Sky 原創節目在其全資和合作夥伴娛樂頻道的前 10 名收視率節目中佔據了 9 名。 2018 年。

Sky enhanced its differentiated sports offering, securing Premier League soccer rights at a lower cost and Serie A in Italy with more exclusive games.

Sky增強了其差異化的體育產品，以更低的成本獲得了英超聯賽的權利，並通過更多獨家比賽獲得了意大利的意甲聯賽。

And finally, the team is extending Sky's leadership and customer service while continuing to improve operating efficiency with its digital-first initiatives.

最後，該團隊正在擴展 Sky 的領導力和客戶服務，同時通過其數字優先計劃繼續提高運營效率。

We are enthusiastic about Sky's organic growth prospects as well as the opportunities created by the combined company in 2019 and beyond.

我們對 Sky 的有機增長前景以及合併後的公司在 2019 年及以後創造的機會充滿熱情。

So in summary, this was a really important year for our company, underscored by an excellent fourth quarter.

總而言之，這對我們公司來說是非常重要的一年，出色的第四季度突顯了這一點。

Our consistent track record, which now includes 24 straight years of EBITDA growth, and confidence in our outlook for continued strong and profitable growth, is what enables us to announce that we are raising our dividend by 10% for 2019.

我們一貫的業績記錄，現在包括連續 24 年的 EBITDA 增長，以及對我們持續強勁和盈利增長前景的信心，使我們能夠宣布我們將 2019 年的股息提高 10%。

We're really just getting started on this next chapter in our company's history, and we have a lot of excitement about the future.

我們真的才剛剛開始我們公司歷史的下一個篇章，我們對未來充滿了興奮。

Over to you, Mike.

交給你了，邁克。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

I'll begin on Slides 4 and 5 with our fourth quarter and full year consolidated results.

我將從幻燈片 4 和 5 開始，介紹我們第四季度和全年的綜合結果。

As a reminder, we completed our acquisition of Sky in the fourth quarter.

提醒一下，我們在第四季度完成了對 Sky 的收購。

As a result, our reported results include a partial quarter of Sky from October 9, while pro forma results are as if the Sky transaction has occurred on January 1, 2017.

因此，我們報告的結果包括 Sky 從 10 月 9 日開始的部分季度，而備考結果好像 Sky 交易發生在 2017 年 1 月 1 日。

Revenue increased 26.1% to $27.8 billion on a reported basis and 5.2% on a pro forma basis for the fourth quarter, and increased 11.1% to $94.5 billion on a reported basis and 6.4% on a pro forma basis for the full year.

第四季度收入按報告基礎增長 26.1% 至 278 億美元，按備考基礎增長 5.2%，全年按報告基礎增長 11.1% 至 945 億美元，按備考基礎增長 6.4%。

Adjusted EBITDA increased 21.6% to $8.2 billion on a reported basis and 11.1% on a pro forma basis for the fourth quarter, and increased 7.9% to $30.2 billion on a reported basis and 4.8% on a pro forma basis for the full year.

第四季度調整後 EBITDA 按報告基礎增長 21.6% 至 82 億美元，按備考基準增長 11.1%，全年按報告基準增長 7.9% 至 302 億美元，按備考基準增長 4.8%。

In the fourth quarter, adjusted EBITDA increased 7.3% at Cable, 12.3% at NBCUniversal and 8.9% at Sky on a pro forma basis or 12.4% on a constant-currency basis.

第四季度，Cable 的調整後 EBITDA 增長了 7.3%，NBCUniversal 增長了 12.3%，Sky 增長了 8.9%（以備考為基礎）或 12.4%（按固定匯率計算）。

Adjusted earnings per share increased 36.2% to $0.64 for the quarter and 25.6% to $2.55 for the year.

本季度調整後每股收益增長 36.2% 至 0.64 美元，全年增長 25.6% 至 2.55 美元。

This growth reflects the benefit of a lower effective tax rate throughout 2018 due to tax reform as well as our strong operational performance.

這一增長反映了整個 2018 年由於稅收改革以及我們強勁的運營業績而降低的有效稅率的好處。

Finally, free cash flow was $2.1 billion in the quarter and $12.6 billion for the full year.

最後，本季度的自由現金流為 21 億美元，全年為 126 億美元。

These earnings per share and free cash flow results include a partial quarter of Sky results in the fourth quarter.

這些每股收益和自由現金流結果包括 Sky 第四季度的部分季度業績。

Now let's turn to Cable Communications on Slide 6. Starting with a few highlights from Cable's results for the full year, revenue increased 3.9%, EBITDA increased 6.5% and net cash flow increased 13.3%.

現在讓我們轉向幻燈片 6 上的 Cable Communications。從 Cable 全年業績的幾個亮點開始，收入增長 3.9%，EBITDA 增長 6.5%，淨現金流增長 13.3%。

Total customer relationships grew by 1 million or 3.4% year-over-year to 30.3 million.

客戶關係總數同比增長 100 萬或 3.4%，達到 3030 萬。

On a per relationship basis, EBITDA grew 3.4%, and net cash flow grew an impressive 9.9%.

按關係計算，EBITDA 增長 3.4%，淨現金流增長 9.9%，令人印象深刻。

As Brian mentioned, retention improved across all of our products, including the best on record for broadband.

正如布賴恩所說，我們所有產品的留存率都有所提高，包括有記錄以來最好的寬帶產品。

For the fourth quarter, Cable revenue increased 5.2% to $14.1 billion, EBITDA increased 7.3% to $5.8 billion and net cash flow increased 8.4% to $3.1 billion.

第四季度，有線電視收入增長 5.2% 至 141 億美元，EBITDA 增長 7.3% 至 58 億美元，淨現金流增長 8.4% 至 31 億美元。

Total customer relationships increased 3.4% year-over-year, including 258,000 net additions in the fourth quarter.

總客戶關係同比增長 3.4%，其中第四季度淨增加 258,000 個。

On a per-relationship basis, EBITDA increased 3.8% and net cash flow increased 4.8%.

按每個關係計算，EBITDA 增長 3.8%，淨現金流增長 4.8%。

These strong operational and financial results for the fourth quarter and full year reflect our overall focus on driving profitable growth and the benefits as our model shifts more towards our high-margin connectivity businesses, residential high-speed internet and business services.

第四季度和全年的這些強勁的運營和財務業績反映了我們對推動盈利增長的整體關注以及隨著我們的模式更多地轉向我們的高利潤連接業務、住宅高速互聯網和商業服務所帶來的好處。

Now diving into the details of Cable's fourth quarter results.

現在深入了解有線電視第四季度業績的細節。

High-speed Internet revenue was the largest contributor to overall Cable revenue growth, increasing 10.1% to $4.4 billion.

高速互聯網收入是有線電視總收入增長的最大貢獻者，增長 10.1% 至 44 億美元。

We added 323,000 net new residential broadband customers in the fourth quarter, bringing full year net additions to 1.2 million.

我們在第四季度淨新增住宅寬帶用戶 323,000 戶，全年淨新增 120 萬戶。

This performance demonstrates our broadband offering's attractive positioning in the market, which is a result of the investments we've made in product innovation and in the capacity of our network.

這一表現證明了我們的寬帶產品在市場上具有吸引力的定位，這是我們在產品創新和網絡容量方面進行投資的結果。

We've raised the bar for broadband by offering gigabit speeds, the best customer equipment for wall-to-wall WiFi coverage in the home and innovative control features to help customers manage their networks and devices.

我們通過提供千兆速度、最佳客戶設備在家庭中實現牆到牆 WiFi 覆蓋以及幫助客戶管理其網絡和設備的創新控制功能，提高了寬帶標準。

We are delivering more value in our offering and the utility of broadband continues to grow.

我們正在為我們的產品提供更多價值，並且寬帶的效用繼續增長。

Our customers' median monthly data usage was over 170 gigabits per month for the second half of 2018, up over 30% year-over-year.

2018 年下半年，我們客戶的每月數據使用量中位數超過 170 Gb，同比增長超過 30%。

We believe we are well positioned to continue to grow as the size of the broadband market increases and we take greater share with our differentiated product and highly capable network.

我們相信，隨著寬帶市場規模的擴大，我們有能力繼續增長，我們通過差異化的產品和強大的網絡佔據更大的份額。

Having broadband at the center of our offering and go-to-market strategy gives us the opportunity to deepen our relationship with the customer and drive additional value by attaching other complementary products.

將寬帶作為我們的產品和進入市場戰略的核心，讓我們有機會加深與客戶的關係，並通過附加其他互補產品來推動附加價值。

Video is one of these important supporting parts of the bundle.

視頻是捆綁包中這些重要的支持部分之一。

Our best-in-class X1 platform enables us to compete well for customers who want the most content and a premium experience, and it further underscores the value of our broadband by bringing together the best streaming content with linear TV.

我們一流的 X1 平台使我們能夠為需要最多內容和優質體驗的客戶展開競爭，並且通過將最好的流媒體內容與線性電視相結合，進一步強調了我們寬帶的價值。

However, as we saw throughout 2018, the video market remains competitive, including the impact of virtual MVPDs.

然而，正如我們在 2018 年看到的那樣，視頻市場仍然具有競爭力，包括虛擬 MVPD 的影響。

We expect these dynamics to continue in 2019 and remain focused on driving video in the customer segments we can serve profitably.

我們預計這些動態將在 2019 年繼續，並繼續專注於在我們可以盈利的客戶群中推動視頻。

Xfinity Mobile also highlights another opportunity to add value to our core business by bundling with broadband.

Xfinity Mobile 還強調了通過與寬帶捆綁為我們的核心業務增加價值的另一個機會。

We ended the year with 1.2 million customer lines, having added 227,000 in the quarter and 854,000 for the full year.

到年底，我們擁有 120 萬客戶線，本季度增加了 227,000 個，全年增加了 854,000 個。

Early results are supportive of our key objectives in wireless, as we are seeing benefits to overall customer satisfaction and improved broadband retention when Xfinity Mobile is attached.

早期結果支持我們在無線領域的主要目標，因為我們看到了在連接 Xfinity Mobile 後對整體客戶滿意度和改善寬帶保留的好處。

Xfinity Mobile EBITDA losses, which are included in the Corporate and Other segment, were $191 million for the fourth quarter and $743 million for the full year.

Xfinity Mobile EBITDA 虧損（包括在企業和其他部門）第四季度為 1.91 億美元，全年為 7.43 億美元。

Lastly, on mobile, one housekeeping item, which is that starting with our first quarter 2019 results, we will report Xfinity Mobile as part of the Cable segment.

最後，在移動設備上，這是一個家務項目，即從我們 2019 年第一季度的業績開始，我們將報告 Xfinity Mobile 作為有線電視部門的一部分。

Moving on to business services.

轉向商業服務。

Revenue increased 9.5% to $1.8 billion in the fourth quarter, driven by a 5.7% increase in business customers to 2.3 million and a 3.5% increase in revenue per business customer.

第四季度收入增長 9.5% 至 18 億美元，原因是企業客戶增長 5.7% 至 230 萬，每個企業客戶收入增長 3.5%。

We are taking share in each of our customer segments, small, midsized and enterprise, by leading with our connectivity expertise.

通過我們的連接專業知識，我們在每個客戶群中佔有一席之地，無論是小型、中型和企業。

In enterprise, in particular, we're still in the early stages of penetrating a significant addressable market with great traction so far.

特別是在企業方面，到目前為止，我們仍處於進入一個具有巨大吸引力的重要潛在市場的早期階段。

As we continue to drive growth in enterprise, there can be some lumpiness in revenue due to the timing of bringing new customers online, which was a factor in our fourth quarter comparison.

隨著我們繼續推動企業增長，由於新客戶上線的時機，收入可能會出現一些波動，這是我們第四季度比較的一個因素。

Overall, we ended the year at over $7 billion in business services revenue.

總體而言，我們以超過 70 億美元的商業服務收入結束了這一年。

And with at least a $40 billion market opportunity in our footprint, we see substantial runway ahead for this margin-accretive growth business.

在我們的足跡中至少有 400 億美元的市場機會，我們認為這一利潤增長業務的發展前景廣闊。

Collectively, our connectivity businesses generated over $24 billion of revenue and grew nearly 10% in 2018.

總的來說，我們的連接業務創造了超過 240 億美元的收入，並在 2018 年增長了近 10%。

As we begin 2019, we are optimistic that we will continue to grow at similarly strong levels, thanks to our network and product differentiation.

在 2019 年開始之際，我們樂觀地認為，由於我們的網絡和產品差異化，我們將繼續以同樣強勁的水平增長。

And finally, advertising was again a driver of Cable revenue growth in the fourth quarter, increasing 27.7% due to record political advertising spending.

最後，由於創紀錄的政治廣告支出，廣告再次成為第四季度有線電視收入增長的推動力，增長了 27.7%。

Excluding political, advertising increased 3%, driven by growth in our advertising technology platforms.

在我們的廣告技術平台增長的推動下，不包括政治因素的廣告增長了 3%。

Moving now to Cable expense and margin on Slide 7. Total Cable expenses increased 3.8% in the fourth quarter, driven by 4.5% growth in non-programming expenses or 1% growth on a per-relationship basis.

現在轉到幻燈片 7 上的有線電視費用和利潤率。第四季度有線電視總費用增長 3.8%，這主要是由於非編程費用增長 4.5% 或每個關係增長 1%。

The increase in non-programming expenses reflects costs associated with increased advertising sales activity due to political and costs related to our X1 syndication business.

非節目費用的增加反映了與我們 X1 聯合業務相關的政治成本和廣告銷售活動增加相關的成本。

Partially offsetting this growth was a 2.5% decrease in customer service expenses even as our customer base grew 3.4%.

儘管我們的客戶群增長了 3.4%，但客戶服務費用減少了 2.5%，部分抵消了這一增長。

This reflects reduced call volumes and truck rolls as we continue to make progress in providing a better overall experience and eliminating unnecessary activity and transactions, including through more digital service tools.

這反映了呼叫量和上門服務的減少，因為我們繼續在提供更好的整體體驗和消除不必要的活動和交易方面取得進展，包括通過更多的數字服務工具。

Programming costs increased 2.9% in the fourth quarter.

第四季度的編程成本增加了 2.9%。

Following elevated growth in 2016 and 2017 due to the timing of renewals, we said the rate of programming costs growth should be meaningfully lower for a period of time.

由於續訂時間在 2016 年和 2017 年增長加快，我們表示在一段時間內節目成本增長率應該會顯著降低。

We saw this in 2018 with 2.7% growth for the full year and expect a similar level in 2019.

我們在 2018 年看到了這一點，全年增長 2.7%，預計 2019 年將達到類似水平。

Cable EBITDA and margins were 40.9% in the fourth quarter, up 80 basis points year-over-year and 40.7% for the full year, up 100 basis points.

第四季度有線電視 EBITDA 和利潤率為 40.9%，同比增長 80 個基點，全年增長 40.7%，增長 100 個基點。

For 2019, we believe our margins on our currently reported basis could improve by up to 50 basis points compared to 2018, benefiting from our high-margin, connectivity-driven growth and ongoing customer service efforts.

對於 2019 年，我們認為，與 2018 年相比，我們目前報告的利潤率可能會提高多達 50 個基點，這得益於我們的高利潤率、連接驅動的增長和持續的客戶服務努力。

The same margin improvement of up to 50 basis points will also apply after we restate our Cable financials to include Xfinity Mobile results in the first quarter of 2019.

在我們重申我們的有線電視財務數據以包括 2019 年第一季度的 Xfinity Mobile 業績後，同樣的利潤率也將提高多達 50 個基點。

Fourth quarter Cable capital expenditures increased by 7.6% to $2.3 billion, driven by increased investment and scalable infrastructure as well as higher customer premise equipment investment due to typical seasonal spending patterns.

第四季度有線電視資本支出增長 7.6% 至 23 億美元，這主要得益於投資和可擴展基礎設施的增加，以及由於典型的季節性支出模式導致的客戶端設備投資增加。

For the full year, capital expenditures decreased 3% to $7.7 billion, reflecting a decline in customer premise equipment spending, partially offset by increased investment in scalable infrastructure and line extensions.

全年資本支出下降 3% 至 77 億美元，反映了客戶前提設備支出的下降，部分被可擴展基礎設施和線路擴展的投資增加所抵消。

Capital expenditure intensity was 14% for the full year, an improvement of 100 basis points year-over-year.

全年資本支出強度為 14%，同比提高 100 個基點。

In 2019, we expect 50 basis points of improvement in capital expenditure intensity, primarily reflecting continued decreases in video-centric CPE spending, consistent with the broader shift in our business towards connectivity.

2019 年，我們預計資本支出強度將提高 50 個基點，主要反映以視頻為中心的 CPE 支出持續下降，這與我們業務向連接性的更廣泛轉變相一致。

Overall, I'm really pleased with our results in Cable in 2018 and have confidence that we are well positioned to deliver another year of healthy growth in 2019.

總體而言，我對我們在 2018 年的 Cable 業績感到非常滿意，並相信我們有能力在 2019 年實現又一年的健康增長。

Now moving on to NBCUniversal's results on Slide 8. NBCUniversal revenue increased 7.1% to $9.4 billion, and EBITDA increased 12.3% to $2.1 billion in the fourth quarter, driven by growth in our TV businesses.

現在轉到幻燈片 8 上 NBCUniversal 的結果。在我們電視業務增長的推動下，第四季度 NBCUniversal 的收入增長了 7.1% 至 94 億美元，EBITDA 增長了 12.3% 至 21 億美元。

Cable Networks revenue grew by 8.9% to $2.9 billion, and EBITDA increased 4.3% to $1 billion in the fourth quarter, reflecting growth in distribution and content licensing revenue.

第四季度有線電視網絡收入增長 8.9% 至 29 億美元，EBITDA 增長 4.3% 至 10 億美元，反映了分銷和內容許可收入的增長。

Distribution revenue increased 10.3%, driven by the ongoing benefits of previous renewal agreements as well as another quarter of improved subscriber trends at our Cable Networks relative to the 1.5% to 2% declines we were experiencing earlier due to consumer adoption of virtual MVPDs.

分銷收入增長了 10.3%，這得益於之前續訂協議的持續收益，以及我們有線電視網絡用戶趨勢的另一季度改善，而我們之前由於消費者採用虛擬 MVPD 而經歷了 1.5% 至 2% 的下降。

Content licensing revenue increased 28.4%, driven by the delivery of content under our existing licensing agreements and reflecting overall strong demand for our content.

內容許可收入增長了 28.4%，這得益於我們根據現有許可協議交付內容並反映了對我們內容的整體強勁需求。

Advertising revenue was consistent with the prior year, as growth from MSNBC and overall higher rates were offset by ratings declines at our Cable Networks.

廣告收入與上一年保持一致，因為 MSNBC 的增長和整體較高的費率被我們有線電視網絡的收視率下降所抵消。

Broadcast revenue increased 3.7% to $3.1 billion, driven by growth in retrans and advertising.

在轉播和廣告增長的推動下，廣播收入增長 3.7% 至 31 億美元。

Retrans increased about 25% to $440 million, bringing the full year to $1.7 billion, up over 20%, compared to $1.4 billion in 2017.

Retrans 增長約 25% 至 4.4 億美元，使全年達到 17 億美元，比 2017 年的 14 億美元增長 20% 以上。

We expect retrans of $1.9 billion in 2019, and we believe our successful content and big event strategy at NBC and Telemundo position us well for continued growth in retrans over time.

我們預計 2019 年的轉播將達到 19 億美元，我們相信我們在 NBC 和 Telemundo 的成功內容和大型活動戰略使我們能夠隨著時間的推移在轉播方面持續增長。

Fourth quarter advertising increased 2.1%, as overall higher pricing, record political advertising and strong Sunday Night Football ratings more than offset the comparison to Thursday Night Football in last year's fourth quarter and ratings declines in other programming.

第四季度廣告增長 2.1%，因為整體較高的定價、創紀錄的政治廣告和強勁的周日晚間足球收視率抵消了與去年第四季度週四晚間足球賽的比較以及其他節目收視率的下降。

Broadcast EBITDA increased by $215 million to $412 million, reflecting higher revenue as well as lower programming and production expenses due to the comparison to Thursday Night Football rights cost in last year's fourth quarter.

廣播 EBITDA 增加了 2.15 億美元，達到 4.12 億美元，與去年第四季度的《週四足球之夜》版權成本相比，收入增加以及節目製作和製作費用減少。

Lastly, in TV, we are excited about NBCUniversal's recent announcement of a new streaming service.

最後，在電視方面，我們對 NBCUniversal 最近宣布的一項新的流媒體服務感到興奮。

We believe our unique proposition, offering premium programming and a light advertising load, offered free to Pay TV customers, will be well received by both consumers and marketers.

我們相信，我們向付費電視客戶免費提供優質節目和少量廣告的獨特主張將受到消費者和營銷人員的歡迎。

As Brian outlined, we believe this approach will create significant value over time and leverage the strengths and resources of Comcast-NBCUniversal.

正如布賴恩所概述的，我們相信這種方法將隨著時間的推移創造巨大的價值，並利用 Comcast-NBCUniversal 的優勢和資源。

We anticipate a manageable level of investment will be required to build out and scale the service over several years, with a negligible impact to our financial results in 2019.

我們預計在幾年內建立和擴展服務需要可管理的投資水平，對我們 2019 年的財務業績的影響可以忽略不計。

We will be measured in our production of streaming originals, aligning the levels of spend with the consumer and financial scale of the service over time.

我們將衡量我們的流媒體原創作品的製作，使支出水平與服務的消費者和財務規模保持一致。

We have a balanced strategy that promotes a broad, varied distribution environment for our content, and our new streaming service will be a complementary part of this approach.

我們有一個平衡的戰略，可以為我們的內容促進廣泛、多樣化的分發環境，我們新的流媒體服務將成為這種方法的補充部分。

Turning to Film.

轉向電影。

Revenue increased 14% to $2 billion, driven by the theatrical success of The Grinch in the fourth quarter, while EBITDA decreased 23.6% to $179 million due to a tough comparison to our 2017 slate.

由於 The Grinch 在第四季度的戲劇成功，收入增長了 14% 至 20 億美元，而由於與我們 2017 年的業績相比，EBITDA 下降了 23.6% 至 1.79 億美元。

We are optimistic about our film slate and outlook for growth in 2019, underscored by an increased number of animated titles and the return of the Fast and the Furious franchise.

我們對我們的電影計劃和 2019 年的增長前景持樂觀態度，這得益於動畫作品數量的增加以及《速度與激情》系列的回歸。

Theme Parks' revenue increased 3.5% to $1.5 billion, and EBITDA increased by 0.7% to $666 million in the fourth quarter, as record results from the annual Halloween Horror Nights events at our domestic parks were offset by continued weakness at Universal Studios Japan, as the park recovers from the lingering effects of the natural disasters that occurred in third quarter.

第四季度主題公園的收入增長 3.5% 至 15 億美元，EBITDA 增長 0.7% 至 6.66 億美元，因為我們國內公園的年度萬聖節恐怖之夜活動的創紀錄業績被日本環球影城的持續疲軟所抵消，因為公園從第三季度發生的自然災害的揮之不去的影響中恢復過來。

We remain bullish on the outlook for our parks over the next several years, as we're investing in a robust pipeline that includes Harry Potter and Jurassic World attractions in our domestic parks in 2019, a new resort hotel opening in Orlando this summer, Nintendo coming to our parks starting with Japan in 2020 and a new park opening in Beijing.

我們仍然看好未來幾年我們公園的前景，因為我們正在投資一個強大的管道，其中包括 2019 年我們國內公園中的哈利波特和侏羅紀世界景點，今年夏天在奧蘭多開業的一家新度假酒店，任天堂2020 年從日本開始進入我們的公園，並在北京開設一個新公園。

Turning to Sky on Slide 9. We are pleased with Sky's execution and results in the fourth quarter.

在幻燈片 9 上轉向 Sky。我們對 Sky 在第四季度的執行和結果感到滿意。

On a reported basis, Sky is included in our financials as of October 9, 2018.

據報導，截至 2018 年 10 月 9 日，Sky 已包含在我們的財務中。

As I go through Sky's performance in more detail, I'll refer to our pro forma results as if the transaction had occurred on January 1, 2017 and growth rates on a constant-currency basis, consistent with what's reflected in the earnings release and what will be our go-forward approach for discussing Sky's results.

當我更詳細地了解 Sky 的業績時，我將參考我們的備考結果，就好像交易發生在 2017 年 1 月 1 日一樣，增長率以固定貨幣為基礎，與收益發布中反映的內容和將是我們討論 Sky 結果的前進方法。

For the fourth quarter, Sky's revenue increased 5.6% to $5 billion, reflecting healthy growth across direct-to-consumer, content and advertising.

第四季度，Sky 的收入增長 5.6% 至 50 億美元，反映了直接面向消費者、內容和廣告的健康增長。

Direct-to-consumer revenue increased 4%, driven by improved product penetration for Pay TV, growth in Sky Mobile and Sky Fibre customers as well as rate adjustments in the U.K.

受付費電視產品滲透率提高、Sky Mobile 和 Sky Fiber 客戶增長以及英國費率調整的推動，直接面向消費者的收入增長了 4%。

Sky's total customer relationships grew 3.2% year-over-year to $23.6 million, including net additions of 164,000 in the fourth quarter, reflecting customer growth in each of its markets.

Sky 的總客戶關係同比增長 3.2% 至 2,360 萬美元，其中第四季度淨增加 164,000 次，反映了其每個市場的客戶增長。

Sky added 735,000 net new customer relationships for the full year with growth in all markets, led by Italy, driven by the successful launch of its new DTT TV product and benefiting from an enhanced sports offering there with new Serie A, Champions League and Europa League deals.

Sky 全年新增 735,000 個淨新客戶關係，所有市場均實現增長，其中以意大利為首，這得益於其新 DTT 電視產品的成功推出，並受益於新的意甲聯賽、冠軍聯賽和歐羅巴聯賽的增強體育服務交易。

Sky Mobile customer lines reached 785,000 at year-end and fiber penetration has increased to 47% of Sky's broadband customer base, up from 34% a year ago.

Sky Mobile 客戶線在年底達到 785,000 條，光纖普及率已從一年前的 34% 增加到 Sky 寬帶客戶群的 47%。

Sky's content revenue increased 35.7% in the fourth quarter, reflecting the wholesaling of sports programming, including Sky's newly acquired exclusive sports rights in Italy and Germany, increased penetration of Sky's premium of sports and movie channels on third-party Pay TV networks in the U.K. and monetization of its successful slate of original programming.

Sky 的內容收入在第四季度增長了 35.7%，這反映了體育節目的批發業務，包括 Sky 在意大利和德國新獲得的獨家體育版權，以及 Sky 在英國第三方付費電視網絡上的體育和電影頻道溢價的滲透率提高。並通過其成功的原創節目獲利。

Sky maintained its position as the #1 Pay TV provider in core markets.

Sky 保持其在核心市場中排名第一的付費電視提供商的地位。

Sports viewing was up 10% in the fourth quarter, with growth in each territory and strong performances from key sports rights like Formula 1 in the U.K. and Italy and UEFA Champions League Soccer in Italy and Germany.

第四季度的體育收視率增長了 10%，每個地區的收視率都在增長，英國和意大利的一級方程式以及意大利和德國的歐洲冠軍聯賽等主要體育權利的表現也很強勁。

Advertising revenue increased 2.9%, reflecting increased sports inventory in Italy and Germany and advanced advertising growth in the U.K.

廣告收入增長 2.9%，反映出意大利和德國的體育庫存增加以及英國的廣告增長加快。

Sky's fourth quarter EBITDA increased 12.4% to $765 million, driven by healthy revenue growth, partially offset by a 4.5% increase in operating expenses due to growth in programming costs, driven by new contracts for Serie A and UEFA Champions League Soccer rights in Italy and Germany.

Sky 第四季度的 EBITDA 增長 12.4% 至 7.65 億美元，這得益於健康的收入增長，但部分被意甲和歐洲冠軍聯賽足球轉播權在意大利的新合同推動的節目成本增長導致運營費用增長 4.5% 所抵消。德國。

Sky's total capital was $1.6 billion for the full year, primarily reflecting its ongoing deployment of Sky Q, which was rolled out to 3.4 million homes throughout Sky's footprint over the past 12 months to end the year at 5.5 million homes.

Sky 全年的總資本為 16 億美元，主要反映了 Sky Q 的持續部署，在過去的 12 個月中，Sky Q 已在 340 萬戶家庭中推廣，到年底達到 550 萬戶家庭。

For the full year, pro forma revenue increased 4.5% to $19.8 billion, and EBITDA decreased 5.3% to $2.9 billion.

全年，備考收入增長 4.5% 至 198 億美元，EBITDA 下降 5.3% 至 29 億美元。

This reflects contract termination costs and costs related to a settlement that impacted Sky's second and third quarter 2018 results, totaling $231 million for the year.

這反映了合同終止成本和與影響 Sky 2018 年第二和第三季度業績的和解相關的成本，全年總計 2.31 億美元。

Excluding these costs, Sky's EBITDA would have increased about 2% for the full year, reflecting growth in direct-to-consumer, content and advertising revenue, partially offset by increased programming expenses and customer acquisition costs associated with Sky's new product launch in Italy.

不計這些成本，Sky 的 EBITDA 全年將增長約 2%，反映直接面向消費者、內容和廣告收入的增長，部分被與 Sky 在意大利推出新產品相關的節目費用和客戶獲取成本增加所抵消。

Looking ahead to 2019, we expect Sky to deliver healthy full year EBITDA growth by executing on its strategy of growing its TV penetration and attaching additional products, including exciting new opportunities like the launch of broadband in Italy as well as monetizing its investments in original content.

展望 2019 年，我們預計 Sky 將通過執行其增加電視普及率和附加其他產品的戰略，包括在意大利推出寬帶等令人興奮的新機會以及將其對原創內容的投資貨幣化，從而實現健康的全年 EBITDA 增長.

Sky's EBITDA growth in 2019 will be back-half weighted, primarily reflecting the timing of sports rights costs, which will increase in the first half due to increased costs associated with its new Serie A and Champions League contracts, which commenced in August of 2018.

Sky 在 2019 年的 EBITDA 增長將是後半部分加權的，主要反映了體育轉播權成本的時間安排，由於與 2018 年 8 月開始的新意甲和冠軍聯賽合同相關的成本增加，這將在上半年增加。

In the second half, Sky will benefit from lapping these contracts as well as from the new, lower-cost Premier League contract, which begins in August 2019.

下半年，天空將受益於這些合同以及新的低成本英超聯賽合同，該合同於 2019 年 8 月開始。

Additionally, the teams across Cable, NBCUniversal and Sky are highly engaged and working together to leverage our capabilities throughout the company and further strengthen each other's growth opportunities, giving us continued confidence in our previously announced synergy expectations and our ability to make good progress through the year towards a healthy exit rate for 2019.

此外，Cable、NBCUniversal 和 Sky 的團隊高度參與並共同努力，以利用我們在整個公司的能力並進一步加強彼此的增長機會，使我們對之前宣布的協同預期以及我們通過邁向 2019 年健康退出率的一年。

Wrapping up on Slide 10 with return of capital.

以資本回報結束幻燈片 10。

We generated $12.6 billion of free cash flow in 2018 and returned $8.4 billion of that to shareholders, comprised of $5 billion in share repurchases and $3.4 billion in dividends.

我們在 2018 年產生了 126 億美元的自由現金流，其中 84 億美元返還給了股東，其中包括 50 億美元的股票回購和 34 億美元的股息。

We are pleased to announce a 10% increase in our dividend, our 11th consecutive annual increase, reflecting our confidence and outlook for growth going forward.

我們很高興地宣布股息增長 10%，這是我們連續第 11 年增長，反映了我們對未來增長的信心和前景。

We ended the year with pro forma net leverage of about 3.3x.

我們以約 3.3 倍的備考淨槓桿率結束了這一年。

As we said in October, we are pausing our share repurchase program in 2019 as part of our commitment to returning to leverage levels consistent with our current ratings.

正如我們在 10 月所說，我們將在 2019 年暫停股票回購計劃，這是我們致力於恢復與當前評級一致的槓桿水平的一部分。

Overall, I'm pleased with our results and successful execution in 2018.

總體而言，我對我們在 2018 年取得的成果和成功執行感到滿意。

We have a lot to be excited about across the business as we start 2019.

在 2019 年開始之際，我們對整個業務感到興奮。

And with that, I'll turn it over to Jason for Q&A.

有了這個，我會把它交給 Jason 進行問答。

Okay.

好的。

Thanks, Mike.

謝謝，邁克。

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

里賈納，讓我們打開問答電話吧。

(Operator Instructions) Our first question comes from the line of Jessica Reif Ehrlich with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美銀美林的 Jessica Reif Ehrlich。

I have 2 questions.

我有 2 個問題。

First, on direct-to-consumer.

首先，直接面向消費者。

The video business has transitioned faster than, I think, many have expected, and your DTC service seems like an ecosystem-friendly way to kind of address that.

我認為，視頻業務的轉型速度超出了許多人的預期，而您的 DTC 服務似乎是一種生態系統友好的方式來解決這個問題。

Can you talk about what the service looks like in 2020 at launch and beyond, like where do you see it going?

您能否談談該服務在 2020 年推出時及以後的樣子，比如您認為它會走向何方？

Will you bring in -- what content and/or marketing partners will you bring in?

你會引進什麼內容和/或營銷合作夥伴？

And can you talk a little bit about the financial impact in 2020?

您能談談 2020 年的財務影響嗎？

Because it seems fairly low cost.

因為它的成本似乎相當低。

And on the second question, on Sky, this is the first time Sky's included in your call.

關於第二個問題，關於 Sky，這是 Sky 第一次包含在您的電話中。

Can you -- Brian and Mike, you both talked about underlying opportunities at Sky.

你能——布萊恩和邁克，你們都談到了天空的潛在機會。

Is it -- what's more than increasing penetration in existing and new markets?

是不是——除了增加對現有市場和新市場的滲透率之外，還有什麼？

And what does NBCU and Comcast Cable bring to Sky?

NBCU 和 Comcast Cable 給 Sky 帶來了什麼？

Like what can you do together that you couldn't do separately?

比如你可以一起做哪些你不能分開做的事情？

Okay.

好的。

So I'll answer the first question on direct-to-consumer.

所以我將回答關於直接面向消費者的第一個問題。

First of all, we're really excited about our approach.

首先，我們對我們的方法感到非常興奮。

We spent a lot of time on it, and we're excited to get going and stand up a management team and get going on entering the business.

我們在這方面花了很多時間，我們很高興能夠開始並組建管理團隊並繼續進入業務。

I think our excitement comes from the fact that the way that we're entering the business really addresses the real objective we have, which is as viewership goes online, how do we monetize that viewership better?

我認為我們的興奮來自這樣一個事實，即我們進入業務的方式真正解決了我們的真正目標，即隨著收視率在線，我們如何更好地通過收視率獲利？

One of the good things about what's going on right now in the television business is people are watching professionally produced content at higher levels than ever.

電視行業目前正在發生的一件好事是人們正在以前所未有的水平觀看專業製作的內容。

We're just not monetizing as well online as we should.

我們只是沒有像我們應該的那樣在網上賺錢。

And so what we've come up with is we're taking some of the most popular shows on television that we produce, and we're going to offer them for free to 80% of the people in the United States, who are multichannel customers, for free to Sky customers in Europe, and also to people who are not part of the ecosystem at a fee that would be comparable to other people in the SVOD business.

所以我們想出的是，我們正在製作一些最受歡迎的電視節目，我們將免費提供給美國 80% 的多頻道觀眾客戶，對歐洲的 Sky 客戶以及不屬於生態系統的人免費，費用與 SVOD 業務中的其他人相當。

This service will have a very light ad load of targetable ads.

此服務將有非常少量的可定位廣告負載。

And we know there's a huge demand for digital advertising, interactive digital advertising.

我們知道對數字廣告、交互式數字廣告的需求巨大。

In fact, we're constantly trying to find more ad inventory because advertisers want to be in very, very good, professionally-produced content.

事實上，我們一直在努力尋找更多的廣告資源，因為廣告商希望獲得非常、非常好的、專業製作的內容。

So our idea to enter the business is to leverage Sky's technology, it's called NOW TV in Europe, and also parts of what we've been doing at NBC and Comcast Cable.

所以我們進入這個行業的想法是利用 Sky 的技術，它在歐洲被稱為 NOW TV，也是我們在 NBC 和 Comcast Cable 所做的部分工作。

We think this approach has a much better chance to get scale quickly.

我們認為這種方法有更好的機會快速獲得規模。

There's nothing better than free for consumers, and we have enough product that consumers are currently viewing on other platforms online for free and charged that we think putting it all together in one place, very, very good technology, and then leveraging our relationship with Comcast Cable and Sky.

對於消費者來說，沒有什麼比免費更好的了，我們有足夠多的產品，消費者目前可以在其他平台上免費和收費觀看，我們認為將它們放在一個地方，非常非常好的技術，然後利用我們與康卡斯特的關係電纜和天空。

There are a lot of approaches to get into the market and we think this one is attractive to consumers.

進入市場的方法有很多，我們認為這種方法對消費者很有吸引力。

We also think, financially, it's more attractive because you get scale more quickly, and we think it's highly likely that will reduce the amount of investment we need to make coming into the business and also accelerate our ability to get to break even.

我們還認為，在財務上，它更具吸引力，因為您可以更快地獲得規模，而且我們認為這很可能會減少我們進入業務所需的投資量，並加快我們實現收支平衡的能力。

So that's what we're doing.

這就是我們正在做的事情。

We plan to launch in the first half of 2020, and we're spending a lot of time right now developing the technology, getting the management team in place, so that we can get going soon enough.

我們計劃在 2020 年上半年推出，我們現在正在花費大量時間開發技術，讓管理團隊到位，以便我們能夠盡快開始。

I think that's a pretty complete answer.

我認為這是一個非常完整的答案。

And if there's other questions on that, we can come back to it, but I think we're uniquely positioned to do all the things Steve just described.

如果對此還有其他問題，我們可以再談，但我認為我們處於獨特的位置，可以做史蒂夫剛剛描述的所有事情。

I think as we look at Sky, part of the answer, Jessica, right off the bat is what Steve just described.

我認為當我們看天空時，部分答案，傑西卡，馬上就是史蒂夫剛剛描述的。

The amount of media companies and potential partners that have reached out to me and to us and to Jeremy and his team since we announced Sky is surprising and overwhelmingly positive, in my opinion.

在我看來，自從我們宣布 Sky 以來，與我、我們以及 Jeremy 和他的團隊聯繫的媒體公司和潛在合作夥伴的數量令人驚訝，而且非常積極。

Sky's position is just -- it's quite unique.

Sky 的位置只是——它非常獨特。

So today, we focus more on sort of operations, which we did on the last earnings call.

所以今天，我們更多地關注運營，我們在上一次財報電話會議上所做的那樣。

Jeremy, you may want to talk a little bit about the specifics of some of the integration work we're doing in the early days.

Jeremy，您可能想談談我們在早期所做的一些集成工作的具體細節。

But at the highest level, it gives the company a reach with a very healthy business that is quite enviable and desired.

但在最高層面，它為公司提供了非常健康的業務，令人羨慕和渴望。

And that's changed the dialogue we're having with our partners and within our own company, and the first evidence of that is the global OTT that Steve just described.

這改變了我們與合作夥伴以及我們自己公司內部的對話，第一個證據就是史蒂夫剛剛描述的全球 OTT。

Jeremy, you have anything you want to add on that?

傑里米，你有什麼要補充的嗎？

Yes.

是的。

I mean, look, I strongly think that Sky as a business is going to be able to grow faster and further as part of the broader Comcast organization.

我的意思是，看，我強烈認為 Sky 作為一家企業，作為更廣泛的康卡斯特組織的一部分，將能夠更快、更遠地發展。

I mean, bear in mind, 78 million households just in the markets we're in don't take Pay TV.

我的意思是，請記住，僅在我們所在的市場中，就有 7800 萬個家庭不接受付費電視。

We're in fundamentally underpenetrated markets.

我們處於根本上未充分滲透的市場。

And I think by combining what we're all good at means we're going to be better for customers.

而且我認為通過結合我們都擅長的手段，我們將為客戶做得更好。

I think we'll be able to innovate faster.

我認為我們將能夠更快地進行創新。

We'll be able to develop better content.

我們將能夠開發更好的內容。

There's obvious areas like procurement and best practice, where we can share learnings, insights or important road maps.

在採購和最佳實踐等明顯領域，我們可以分享經驗、見解或重要的路線圖。

And I think all of those things, over time, will come through both for customers importantly, but also for shareholders.

我認為，隨著時間的推移，所有這些事情都會對客戶重要，也會對股東產生影響。

And you can just start to see the early wins emerging.

你可以開始看到早期的勝利出現。

So to give you 2 or 3 examples, we're going to be deploying xFi into Italy for our broadband launch.

舉個 2 或 3 個例子，我們將在意大利部署 xFi 以啟動我們的寬帶。

That's particularly important because of the number of homes in Italy that are MDUs or quite an old housing stock so WiFi coverage in the home is a real-world customer opportunity for us to improve.

這一點尤其重要，因為意大利有許多家庭是 MDU 或相當舊的住房存量，因此家庭中的 WiFi 覆蓋範圍是我們改善的現實世界客戶機會。

We really like the Comcast voice platform, and we're going to be incorporating that for Sky Q, and we'll consolidate that and use the technology there.

我們真的很喜歡 Comcast 語音平台，我們將把它整合到 Sky Q 中，我們將整合它並在那裡使用該技術。

And as Steve mentioned, we're already sharing our expertise.

正如史蒂夫所提到的，我們已經在分享我們的專業知識。

A lot of the infrastructure we've built for the NOW TV service here into the -- in NBCU's OTT service launch.

我們為 NOW TV 服務構建的許多基礎設施都用於 NBCU 的 OTT 服務發布。

So these are -- it's early days.

所以這些是——現在還為時過早。

We're only 15 weeks in, but encouragingly, I think we're starting to see some really important, tangible evidence of working together as part of the broader group.

我們只有 15 週的時間，但令人鼓舞的是，我認為我們開始看到一些非常重要、切實的證據，證明作為更廣泛的團隊的一部分一起工作。

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

您的下一個問題來自摩根士丹利的 Ben Swinburne。

Sticking with the NBC announcement.

堅持NBC的公告。

Steve, when you think about particularly that business outside the United States, where there -- as Jeremy just laid out, there's a lot of non-Pay TV households.

史蒂夫，當你特別考慮美國以外的業務時，正如傑里米剛剛提出的那樣，那裡有很多非付費電視家庭。

What led you to the decision to sort of bundle this or link this with the broader NBC bouquet of channels in terms of positioning it for consumers?

是什麼導致您決定將其捆綁或將其與更廣泛的 NBC 渠道聯繫起來，以便為消費者定位？

I know it's going to be available, I think, for a subscription outside of the bundle, but it seems like it's positioned primarily for bundled customers.

我知道它可以用於捆綁之外的訂閱，但它似乎主要面向捆綁客戶。

And outside the U.S., the definition for bundle gets sort of murky.

在美國以外，捆綁的定義有點模糊。

And Sky's been a leader in sort of offering those more skinny, tailored bundles.

Sky 在提供更瘦、更定制的捆綁包方面一直處於領先地位。

So how do you think about this outside the U.S.?

那麼您如何看待美國以外的情況？

And then on the licensing side, it sounds like we shouldn't expect a big impact to financials.

然後在許可方面，聽起來我們不應該期望對財務產生重大影響。

I think when I add up 2018's licensing revenues at NBC, it's north of $6 billion across all your businesses, and that's been a huge growth driver over the years.

我認為，當我將 2018 年 NBC 的許可收入加起來時，你們所有業務的收入都在 60 億美元以上，這是多年來的巨大增長動力。

How do you think about pulling some of your big titles, like The Office, back on platform over time?

您如何看待隨著時間的推移將您的一些大標題（例如 The Office）拉回平台？

And why did you sort of land where you landed on that approach?

為什麼你會在那種方法上降落？

So in the United States, 80% of the addressable households are multichannel subscribers.

所以在美國，80% 的可尋址家庭是多頻道用戶。

That's obviously not the case in many places around the world.

顯然，世界上許多地方並非如此。

But between the United States and Sky's footprint in the U.K., we think we should start and try to gain as much scale as possible with an ad-supported, free-to-consumer service.

但在美國和 Sky 在英國的足蹟之間，我們認為我們應該開始並嘗試通過廣告支持的免費服務來擴大規模。

There will be countries where we launch SVOD only, countries that don't have the kind of advertising ecosystem that we have in United States or in parts of Europe.

有些國家我們只推出 SVOD，有些國家沒有我們在美國或歐洲部分地區擁有的那種廣告生態系統。

There will be places where we have different strategies.

在某些地方我們會有不同的策略。

And obviously, our -- the rights we have, the shows we have will vary by country.

顯然，我們擁有的權利，我們擁有的節目將因國家/地區而異。

But if you look at Comcast and Sky alone -- Comcast Cable and Sky alone, you're well over 50 million customers.

但如果你只看 Comcast 和 Sky——僅 Comcast Cable 和 Sky，你就有超過 5000 萬客戶。

And so the ability at launch to have those 50 million customers get all those great programming for free, we think, not only gets us to scale, but is also good for Comcast Cable and Sky.

因此，我們認為，在發佈時讓這 5000 萬客戶免費獲得所有這些精彩節目的能力，不僅讓我們擴大規模，而且對 Comcast Cable 和 Sky 也有好處。

You're going to be offering a lot of good things to people who are subscribing to those services, and we'll have those discussions with Charter and DIRECTV and everybody around the world that's a multichannel supplier.

您將為訂閱這些服務的人提供很多好東西，我們將與 Charter 和 DIRECTV 以及世界各地的多渠道供應商進行討論。

In terms of content and taking things that are currently licensed elsewhere and moving them to the platform, I think, is going to be very positive for us financially because in effect, we're going to be a brand-new buyer.

我認為，就內容而言，將目前在其他地方獲得許可的東西轉移到平台上，這對我們的財務狀況非常有利，因為實際上，我們將成為一個全新的買家。

So we have long sold to everyone.

所以我們早就賣給大家了。

We've sold to SVOD.

我們已經賣給了 SVOD。

We've sold to cable channels that we don't own and even broadcast channels that we don't own.

我們已經出售給我們不擁有的有線電視頻道，甚至是我們不擁有的廣播頻道。

Our feeling is, if you're in the television business, you should work with the best people, have the best shows and sell them wherever it makes the most sense.

我們的感覺是，如果你從事電視行業，你應該與最優秀的人合作，擁有最好的節目，並在最有意義的地方出售它們。

And we'll have the same philosophy ourselves.

我們自己也會有同樣的理念。

We do feel we undermonetize significantly on the Internet.

我們確實覺得我們在互聯網上的貨幣化嚴重不足。

And we undermonetize on free platforms, and we also undermonetize on SVOD platforms.

我們在免費平台上貨幣化不足，我們也在 SVOD 平台上貨幣化不足。

So as more and more content becomes available, I think a lot is going to be on our platform, but we will continue to sell on other platforms depending on the show, depending on the prices that we can command for those products.

因此，隨著越來越多的內容變得可用，我認為我們的平台上將會有很多內容，但我們將繼續根據節目在其他平台上銷售，具體取決於我們可以為這些產品設定的價格。

And so I think it's fair to assume that when we launch, we'll have a lot of content.

所以我認為可以公平地假設當我們發佈時，我們會有很多內容。

We have a significant amount of content at launch.

我們在發佈時擁有大量內容。

That will only increase over time, but we'll go show-by-show, instance-by-instance and figure out what makes sense at the time those rights come back to us.

這只會隨著時間的推移而增加，但我們將逐個展示，逐個實例，並找出當這些權利歸還給我們時什麼是有意義的。

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

您的下一個問題來自瑞銀的 John Hodulik。

Three questions on Cable for Dave.

戴夫電纜的三個問題。

A lot of focus on the Broadband business, but the Video business is holding up better than we expected, both from a subscriber and a revenue standpoint.

很多關注寬帶業務，但從用戶和收入的角度來看，視頻業務的表現好於我們的預期。

Maybe if you could just comment a little bit about what you're seeing from a competitive standpoint, maybe in terms of core cutting trends as well.

也許如果你能從競爭的角度評論一下你所看到的，也許就核心切割趨勢而言。

And given the sort of higher-than-typical price increases we saw late in the year and early this year, can the revenue improvement that we've seen in that line continue into '19 versus what we saw in '18?

鑑於我們在今年年底和今年年初看到的那種高於典型的價格上漲，我們在這條線上看到的收入增長能否持續到 19 年，而不是我們在 18 年看到的？

Thanks, John.

謝謝，約翰。

Well, video remains a very competitive area, and I really don't think it's going to change anytime soon.

好吧，視頻仍然是一個競爭非常激烈的領域，我真的認為它不會很快改變。

And our game plan is going to remain the same, that we're going after the -- and we'll attract the most profitable video customer relationships that we can.

我們的遊戲計劃將保持不變，我們將追求 - 我們將盡可能吸引最有利可圖的視頻客戶關係。

And we're going to continue to manage this shift, as Brian, Mike have talked about and focusing very much on the connectivity business.

我們將繼續管理這一轉變，正如布萊恩、邁克所說的那樣，我們非常關注連接業務。

But in improving the connectivity business and competing, video still remains an important part of packaging.

但在改善連接業務和競爭方面，視頻仍然是包裝的重要組成部分。

So I think the competitive environment remains challenging.

所以我認為競爭環境仍然充滿挑戰。

We'll watch it closely and what happens.

我們將密切關注它以及會發生什麼。

We always make adjustments.

我們總是做出調整。

And if there are opportunities based on what the competitive landscape is, then our packaging will be there to benefit from it.

如果存在基於競爭格局的機會，那麼我們的包裝就會從中受益。

But our main focus is to continue to take X1, leverage that with broadband, and we have other opportunities in mobile to be able to package things.

但我們的主要重點是繼續使用 X1，利用寬帶利用它，我們在移動領域還有其他機會可以打包東西。

So we're really not changing our approach, and it's improved overall the financial performance.

所以我們真的沒有改變我們的方法，它改善了整體的財務業績。

You look at the overall customer relationships, 1 million customer relationships that we added, obviously, fueled and helped by broadband.

你看看整體客戶關係，我們添加的 100 萬個客戶關係顯然是由寬帶推動和幫助的。

But when you couple great video with great broadband, then I think that it helps us financially.

但是，當您將出色的視頻與出色的寬帶相結合時，我認為它會在經濟上幫助我們。

And we'll see what happens in terms of video share, but we're so far pleased with this quarter, and I can't comment too much further into next year.

我們將看看視頻分享方面會發生什麼，但到目前為止我們對本季度感到滿意，我不能對明年發表太多評論。

Let me just add that kudos to the X1 team.

讓我為 X1 團隊表示敬意。

I think they launched Amazon really flawlessly at year-end, Amazon Prime Video, following up on Netflix and YouTube.

我認為他們在年底推出了 Amazon Prime Video，並在 Netflix 和 YouTube 上推出了非常完美的產品。

We've transformed that product every year and made it better.

我們每年都對該產品進行改造，並使其變得更好。

And at the same time, we have a discipline, under Dave's team, to look for profitable video as we've made this transition.

同時，在 Dave 的團隊下，我們有一個紀律，在我們進行這種過渡時尋找有利可圖的視頻。

So it's this alchemy of leading with broadband now.

所以這就是現在寬帶領先的煉金術。

We have way more broadband customers than we do video customers.

我們擁有的寬帶客戶比視頻客戶多得多。

That's a huge shift in the company, and we've managed that shift, I think, to intelligently still invest in our video business, but not chase every single subscriber all the time.

這是公司的一個巨大轉變，我認為我們已經成功地管理了這一轉變，仍然明智地投資於我們的視頻業務，但不會一直追逐每一位訂閱者。

And I think that balance is why you see great cash flow growth, RGU growth, customer relationship growth, lowest churn, more digital interactions, less cost and free cash flow, therefore, growing at its best clip in a number of years.

我認為這種平衡是為什麼你會看到巨大的現金流增長、RGU 增長、客戶關係增長、最低的流失率、更多的數字交互、更少的成本和自由現金流，因此，它以多年來最好的速度增長。

So I think it's a real balanced job and led by, still, our passion around X1 and video.

所以我認為這是一項真正平衡的工作，並且仍然由我們對 X1 和視頻的熱情領導。

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

您的下一個問題來自摩根大通的 Philip Cusick。

Can you expand on Cable costs and margins?

你能擴大電纜成本和利潤嗎？

It looks like you did a similar price increase to last year, and you've said that programming costs should, again, be muted.

看起來您的價格上漲與去年相似，並且您已經說過應該再次降低編程成本。

How do you think we should -- how should we think about trends in non-programming OpEx per customer?

您認為我們應該如何 - 我們應該如何考慮每位客戶的非編程 OpEx 趨勢？

Are you focused on bringing those numbers down further like calls and truck rolls?

您是否專注於進一步降低這些數字，例如電話和上門服務？

Or is margin's expansion more a function of mix shifting to broadband in the business?

還是利潤率的擴大更多地是業務中向寬帶轉移的功能？

And if all of that's right, is anything going -- else going on that would mean that margin growth of 50 basis points is the high end versus the 80 bps you did in 2018?

如果這一切都是正確的，那麼有什麼進展嗎？否則這意味著利潤率增長 50 個基點是高端，而 2018 年是 80 個基點？

So Phil, it's Mike.

所以菲爾，是邁克。

I'll start, and Dave can pile on, but I think it's all in the 50 basis points of margin improvement.

我會開始，戴夫可以繼續前進，但我認為這一切都在利潤率提高的 50 個基點上。

It's sum of all of the above.

這是以上所有內容的總和。

But I think as I've said repeatedly.

但我認為正如我反复說過的那樣。

Dave and team are doing the same things on an ongoing basis in terms of staying focused on non-programming expenses, which is the customer experience journey, which has been of great value to our customers.

Dave 和團隊一直在做同樣的事情，專注於非編程費用，這是客戶體驗之旅，這對我們的客戶來說非常有價值。

And so a virtuous cycle that continues to continue to make it a better, more digitized experience, which brings out costs in the businesses, gets reinvested in other parts of the experience.

因此，一個良性循環將繼續使其成為更好、更數字化的體驗，從而降低業務成本，並重新投資於體驗的其他部分。

But all that's going to continue, and I think confident that non-programming expenses will be managed well going forward, and it's embedded in that 50 basis points of margin improvement.

但所有這一切都將繼續下去，我相信非編程費用將在未來得到很好的管理，並且它包含在利潤率提高的 50 個基點中。

We said the kind of -- another low year of programming expense growth, as we predicted 2, 3 years back, that, that would be the trend.

正如我們在 2、3 年前所預測的那樣，我們說的是編程費用增長又低的一年，這將是趨勢。

And so, again, it's all in there.

所以，再一次，一切都在那裡。

And there is a mix shift going on, as you point out.

正如您所指出的，正在發生混合變化。

And the more we see a shift to connectivity, which we have in the revenue mix, that's a long-term positive trend for the margins in the Cable business as well.

我們越是看到收入組合中轉向連接性，這對有線電視業務的利潤率也是一個長期的積極趨勢。

And hopefully, we'd beat our expectations like we did last year, but our expectations are 50 basis points of improvement.

希望我們能像去年一樣超出預期，但我們的預期是提高 50 個基點。

If I can follow up...

如果我能跟進...

In addition to the connectivity focus that we have, which helps margin, that helps us overall in terms of growth, emphasizing what Brian said, just the focus on packaging and going after the profitable customer relationships that we are, broadband and video.

除了我們擁有的連接重點（這有助於利潤率）之外，這有助於我們整體的增長，強調布萊恩所說的，只是專注於包裝和追求我們的盈利客戶關係，寬帶和視頻。

And we remain very optimistic about taking transactions out of the business.

我們對將交易排除在外仍然非常樂觀。

We spend a lot of time thinking about the digital experience for customers, and it's just the best way to take out unnecessary telephone calls, truck rolls by just letting customers handle their solutions independently.

我們花了很多時間思考客戶的數字體驗，這只是讓客戶獨立處理他們的解決方案，從而消除不必要的電話和上門服務的最佳方式。

So I think Mike gave the guidance in terms of the expectations in margin, but extremely focused on non-programming expense.

所以我認為 Mike 給出了關於利潤預期的指導，但非常關注非編程費用。

Mike, if I can follow up.

邁克，如果我能跟進的話。

Now that Dave owns the wireless side, can we assume that those losses have probably peaked?

既然 Dave 擁有無線方面，我們可以假設這些損失可能已經達到頂峰嗎？

We are at a level where we're really pleased with what we see happening in the mobility business and, hence, the move into the cable business.

我們對我們在移動業務中看到的情況感到非常滿意，因此對有線電視業務的進軍感到非常滿意。

I think we've said for a while now that we're running now at a level of adds that the losses are going to be commensurate with what the add trajectory looks like from here.

我想我們已經說過一段時間了，我們現在正在運行一個附加級別，損失將與從這裡開始的附加軌跡相稱。

So I won't let myself get pinned down on that one, but that is -- the 2 will go hand and glove with each other.

所以我不會讓自己被束縛在那個人身上，但那就是——這兩個人會互相配合。

And we like the pace of growth that we've had in the business over the course of 2018.

我們喜歡我們在 2018 年的業務增長速度。

I think, hopefully, we get something similar in 2019.

我認為，希望我們在 2019 年能得到類似的結果。

Your next question comes from the line of Rich Greenfield with BTIG.

您的下一個問題來自 BTIG 的 Rich Greenfield。

Wondering about programming.

想知道編程。

So DISH dropped Univision earlier this year or late middle of last year and really hasn't seen any meaningful negative impact.

因此，DISH 在今年早些時候或去年年中下旬放棄了 Univision，並且確實沒有看到任何有意義的負面影響。

We've got the RSNs from Fox, which after Fox backed out of buying them, looks like they're about to be orphaned.

我們從 Fox 那裡得到了 RSN，在 Fox 退出購買它們之後，看起來它們即將成為孤兒。

Just curious how you think about rightsizing content within the bundle to provide cheaper packages?

只是好奇您如何看待捆綁中的內容調整大小以提供更便宜的套餐？

We've seen a lot of the MVPDs with much lower cost bundles.

我們已經看到了很多 MVPD 的成本更低的捆綁包。

And as you kind of have added more of these third-party apps, you were just talking about Netflix, Amazon, YouTube being on the set-top box, just thinking about like are -- is there the potential to really transform programming costs or bundle dynamics over the next couple of years as deals come up?

當您添加了更多這些第三方應用程序時，您只是在談論機頂盒上的 Netflix、亞馬遜、YouTube，只是在想——是否有可能真正改變編程成本或隨著交易的出現，未來幾年捆綁的動態？

Thanks, Rich.

謝謝，里奇。

So a couple of things, and I think you raised a very good point.

有幾件事，我認為你提出了一個很好的觀點。

Our focus -- we've been very disciplined in our approach to programming and how we value content and the use of data to understand this.

我們的重點——我們在編程方法以及我們如何重視內容和使用數據來理解這一點方面非常自律。

So what goes into packaging.

那麼包裝是什麼。

And so that has been something that we've been doing for several years now.

這就是我們多年來一直在做的事情。

That's not brand new, but we're very focused on understanding the content value.

這不是全新的，但我們非常專注於理解內容價值。

The point you make in X1 is game changing in that as we look at and we aggregate all the different apps and all the content that's available, and the ability to connect to all these assets through the great voice recognition capability, delivered 9 billion voice commands last year.

您在 X1 中提出的觀點改變了遊戲規則，因為我們查看並彙總了所有不同的應用程序和所有可用的內容，以及通過強大的語音識別功能連接到所有這些資產的能力，交付了 90 億個語音命令去年。

So X1 just gives us strategic flexibility with programming options.

因此，X1 只是通過編程選項為我們提供了戰略靈活性。

And so -- and we look at it very broadly that way.

所以 - 我們以這種方式非常廣泛地看待它。

And we provide, I think, the best of live, the On Demand in terms of DVR.

我認為，我們提供最好的現場直播，就 DVR 而言的點播。

And then now with all this new content that comes on, I think it just gives us the strategic flexibility.

然後現在隨著所有這些新內容的出現，我認為它只是為我們提供了戰略靈活性。

So I think it's a very good point, and we look at it that way.

所以我認為這是一個很好的觀點，我們是這樣看待的。

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

您的下一個問題將來自 Craig Moffett 和 MoffettNathanson。

Brian, a strategic question for you on the wireless business.

布賴恩，關於無線業務的戰略問題。

Now that you've had your wireless MVNO operating for about a year now, and seemed to have settled into a sort of solid growth pattern, what have you learned?

既然您的無線 MVNO 已經運營了大約一年，並且似乎已經進入了一種穩固的增長模式，那麼您學到了什麼？

And how do you think about the relationship with Verizon going forward?

您如何看待未來與 Verizon 的關係？

And sort of where would you like that relationship to go?

你希望這種關係走向何方？

And then as a related issue, how does that inform your thinking about the 600-megahertz spectrum that you purchased in the last auction?

然後作為一個相關問題，這對您在上次拍賣中購買的 600 兆赫頻譜有何影響？

Well, I don't think we have any new revelations on that last part of the question, on the 600 megahertz.

好吧，我認為我們對問題的最後一部分沒有任何新的啟示，即 600 兆赫。

But I think we're very pleased with the relationship with Verizon, you know, big companies, there's always going to be some issue somewhere between us at one moment in time or another.

但我認為我們對與 Verizon 的關係非常滿意，你知道，大公司，我們之間總會在某個時刻或另一個時刻出現一些問題。

But if you step back and say, we've become a meaningful contributor to the wireless net adds in our markets.

但是，如果您退後一步說，我們已經成為我們市場上無線網絡的重要貢獻者。

We're constantly looking to innovate the product and make sure we have the latest offerings available.

我們一直在尋求創新產品並確保我們擁有最新的產品。

Sometimes, we're successful in that.

有時，我們在這方面是成功的。

Sometimes, we're not perfect.

有時候，我們並不完美。

And I think we've hit a good stride, as Mike and Dave were just talking about.

而且我認為我們已經取得了很好的進展，正如邁克和戴夫剛剛談論的那樣。

So I think the strategy to become a meaningful part of some other folks' networks rather than go out and build our own, I'm very comfortable with that broad category of question.

所以我認為成為其他人網絡的重要組成部分而不是走出去建立我們自己的策略，我對這個廣泛的問題類別非常滿意。

There's plenty in the detail that is always being worked on.

有很多細節一直在努力。

Dave, you're closer to it.

戴夫，你離它更近了。

I just want to add one other point then before that, what have we learned?

我只想補充一點，然後在此之前，我們學到了什麼？

We've learned that wireless can really achieve what we thought, which is to reduce churn for the customers who take all our products.

我們了解到，無線可以真正實現我們的想法，即減少購買我們所有產品的客戶的流失。

And if you go back to the uber view that we're now looking for profitable relationships and make those relationships deeper, more digital, better experience and better value, wireless checks a lot of those boxes, particularly on value, the way we're structured.

如果你回到優步的觀點，即我們現在正在尋找有利可圖的關係，並使這些關係更深入、更數字化、更好的體驗和更高的價值，無線會檢查很多這些盒子，特別是在價值方面，就像我們現在的方式結構化的。

It's a simple offer.

這是一個簡單的提議。

There's only 2 options.

只有2個選項。

Customers get it.

客戶得到它。

Most of the people take By the Gig, and that is how our relationship with Verizon works.

大多數人選擇 By the Gig，這就是我們與 Verizon 的關係的運作方式。

So it sets up economically to be simpatico.

因此，它在經濟上設置為 simpatico。

And I think we're on a trajectory that we believe we can get to, as we said, stand-alone economics that support the business.

正如我們所說，我認為我們正走在一條我們相信我們可以達到支持業務的獨立經濟的軌道上。

And we're on our way.

我們正在路上。

Yes.

是的。

I would add that we participate, as Brian said, in the mobile business and pleased with the progress that we're making.

我要補充一點，正如布賴恩所說，我們參與了移動業務，並對我們正在取得的進展感到高興。

We also participate in wireless.

我們也參與無線。

We generate a lot of data traffic over WiFi in the home.

我們在家中通過 WiFi 產生大量數據流量。

Over 80% of the data traffic on smartphones is delivered through WiFi.

智能手機上超過 80% 的數據流量是通過 WiFi 傳輸的。

So I think we're beneficial to each other's networks in that way.

所以我認為我們以這種方式對彼此的網絡有益。

We're pleased in that -- the reason -- one of the main reasons, as Brian mentioned, we looked at broadband retention.

我們很高興——原因——正如布賴恩提到的主要原因之一，我們著眼於寬帶保留。

It's early days, but it's working.

現在還為時過早，但它正在發揮作用。

And the contribution of that when -- mobile consideration, as people go to retail and look at other sales channels that we have and they're asking about mobile, then they consider other lines of business.

當-移動考慮時，當人們去零售並查看我們擁有的其他銷售渠道並且他們詢問移動時，他們會考慮其他業務線。

So all of these things are encouraging, and we're pleased with our progress.

所以所有這些事情都是令人鼓舞的，我們對我們的進步感到高興。

Our next question comes from the line of Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

One for Steve, one for Dave.

一份給史蒂夫，一份給戴夫。

Steve, it seems like the media trends, advertising and Pay TV subs are a bit better than investors might have expected.

史蒂夫，媒體趨勢、廣告和付費電視訂閱似乎比投資者預期的要好一些。

And last quarter, you mentioned that virtual MVPDs have plateaued and suggesting cord cutting had kicked in, commentary this quarter, Pay TV subs trends are improving, suggest the opposite.

上個季度，您提到虛擬 MVPD 已經趨於穩定，並暗示剪線已經開始，本季度的評論，付費電視訂閱趨勢正在改善，表明相反。

I just want to get my bearings on what you saw for video subscriber trends in 2018 on your fully distributed channels since you have the broadest distribution of any media company, and what you expect in 2019.

我只想了解您在完全分佈式渠道上看到的 2018 年視頻訂閱者趨勢，因為您擁有所有媒體公司中最廣泛的分銷渠道，以及您對 2019 年的期望。

And I'll just throw the question for Dave in there as well.

我也會把這個問題問給戴夫。

Just any update on trends for high-speed Internet subscriber growth in 2019 and the pricing environment as well?

是否有關於 2019 年高速互聯網用戶增長趨勢以及定價環境的最新信息？

I do note in 2018, a lot of the high-speed Internet customers came from single play, which was different from 2017 and prior.

我確實注意到，2018 年，很多高速互聯網客戶來自單機遊戲，這與 2017 年及之前不同。

And any thoughts as to whether that boosted growth in 2018 or whether you feel that was a pretty normal, steady state-type growth rate would be helpful.

關於這是否促進了 2018 年的增長，或者您是否認為這是一個非常正常、穩定的增長速度，任何想法都會有所幫助。

So I think we've always felt that the television ecosystem was healthier than maybe some people thought.

所以我認為我們一直認為電視生態系統比某些人想像的要健康。

We really had an extraordinary television year this year.

今年我們真的度過了非凡的電視年。

We grew EBITDA by 15%, which was way in excess of what we thought we would grow EBITDA.

我們的 EBITDA 增長了 15%，遠遠超過了我們認為的 EBITDA 增長。

And there were a whole bunch of factors in there.

那裡有很多因素。

In terms of subscribers, we were -- we had a better year in terms of subscribers than we had budgeted, and we're entering 2019 better than we had forecast.

就訂戶而言，我們的訂戶數量比我們的預算要好，而且我們進入 2019 年的情況比我們預期的要好。

It's very hard to predict the virtual MVPDs.

很難預測虛擬 MVPD。

If you look quarterly, the virtual MVPD growth -- somebody who might be the fastest-growing in the first quarter might be the slowest in the second quarter as they change strategies and people figure out the market.

如果您按季度查看，虛擬 MVPD 增長——可能在第一季度增長最快的人可能在第二季度最慢，因為他們改變了戰略並且人們了解了市場。

But virtual MVPD growth was faster than we thought in 2018.

但 2018 年虛擬 MVPD 的增長速度比我們想像的要快。

At some point, we do believe it's going to slow down, but we did not -- certainly did not see that in 2018.

在某些時候，我們確實相信它會放緩，但我們沒有——當然在 2018 年沒有看到這一點。

2018 and the early part of 2019 are also very strong years for advertising.

2018 年和 2019 年初對於廣告來說也是非常強勁的年份。

We had the strongest upfront we've ever had.

我們擁有有史以來最強大的前期。

The network prime time -- our ad sales were up double digits.

網絡黃金時段——我們的廣告銷售額增長了兩位數。

The scatter market is extremely strong right now.

分散市場現在非常強勁。

So the television business, we obviously have pressure on ratings as people migrate to digital.

因此，對於電視業務，隨著人們轉向數字化，我們顯然對收視率施加了壓力。

And that's one of the reasons why we're launching the direct-to-consumer product.

這也是我們推出直接面向消費者產品的原因之一。

But it's a very, very healthy business, and we think it's going to be healthy for years to come.

但這是一項非常非常健康的業務，我們認為未來幾年它會保持健康。

Doug, Dave.

道格，戴夫。

So thinking about broadband, we feel about broadband in '19 as we have in '18, that it's our growth engine.

因此，考慮到寬帶，我們認為 19 年的寬帶就像 18 年一樣，它是我們的增長引擎。

As there -- as Brian mentioned, there's a consistency that we have had in broadband, the 13th year in a row consecutively delivering over 1 million net additions.

正如布賴恩所說，我們在寬帶方面保持一致，連續第 13 年連續提供超過 100 萬的淨增加量。

And so behind that, going into '19, I feel the market continues to grow.

因此，在這之後，進入 19 年，我覺得市場繼續增長。

You look at things like homes, employment, you look at macro conditions, but just as important as anything, you look at the overall market penetration of 80%.

您會查看房屋、就業等事物，您會查看宏觀狀況，但與其他任何事情一樣重要的是，您會查看 80% 的整體市場滲透率。

There's room for growth there.

那裡有成長的空間。

You look at our penetration, 47%, there's absolutely room for growth there.

你看看我們的滲透率，47%，那裡絕對有增長的空間。

And our view is that customers' expectations continue to go up in terms of how they're interacting with broadband, how they're leveraging it.

我們的觀點是，客戶在如何與寬帶交互以及如何利用寬帶方面的期望繼續上升。

So our focus, as Brian has said, is deliver the very best broadband product in the marketplace.

因此，正如布賴恩所說，我們的重點是提供市場上最好的寬帶產品。

And xFi is that brand, the best of speed, coverage and control.

而 xFi 就是那個品牌，是速度、覆蓋範圍和控制方面最好的品牌。

And so in '19, we're going to continue to do that.

所以在 19 年，我們將繼續這樣做。

And along with that, your point on single product and packaging, we've made some adjustments along the way.

除此之外，您對單一產品和包裝的觀點，我們在此過程中進行了一些調整。

I think that it's -- our game plan is consistent.

我認為這是 - 我們的遊戲計劃是一致的。

We'll be consistent.

我們會保持一致。

We do offer great options for both.

我們確實為兩者提供了很好的選擇。

And if somebody wants to start off with the high speed only, that's great, but we also have wonderful packaging options that we'll talk to them about.

如果有人只想從高速開始，那很好，但我們也有很棒的包裝選擇，我們將與他們討論。

So as important as anything, as you look at the balancing share growth and rate, so you look at -- that I feel confident as well.

因此，與任何事情一樣重要，當您查看平衡的份額增長和比率時，您會看到 - 我也有信心。

In '18, we -- along with great share, we grew the resi ARPU by more than 4% year-over-year for '18.

在 18 年，我們 - 除了巨大的份額外，我們在 18 年的 resi ARPU 同比增長了 4% 以上。

And if you look at then combining the overall connectivity business, Brian and Mike has mentioned it, you look at business services, a big part of that is broadband, and our resi broadband is growing nearly 10%, $24 billion.

如果你把整體連接業務結合起來，Brian 和 Mike 已經提到過，你看看商業服務，其中很大一部分是寬帶，我們的 resi 寬帶增長了近 10%，達到 240 億美元。

So we like our momentum.

所以我們喜歡我們的勢頭。

We like our game plan.

我們喜歡我們的遊戲計劃。

I think it's very consistent, and we're just going to focus on execution.

我認為這是非常一致的，我們將專注於執行。

Your final question will come from the line of Marci Ryvicker with Wolfe Research.

您的最後一個問題將來自 Wolfe Research 的 Marci Ryvicker。

I have one for Steve, and then one for Mike.

我有一份給史蒂夫，然後一份給邁克。

Steve, as you launch the OTT business, I know you're not going to have a tremendous amount of incremental investment spend, but as you do, where is that going to flow through the financials?

史蒂夫，當你推出 OTT 業務時，我知道你不會有大量的增量投資支出，但是當你這樣做時，財務將流向何處？

Is that going to be in the separate segments?

那會是在不同的部分嗎？

Is that going to be in the studios?

那會是在工作室嗎？

I guess, just trying to figure out what we're looking for.

我想，只是想弄清楚我們在尋找什麼。

And then second for Mike.

然後是邁克第二。

You talked about healthy EBITDA growth for Sky for 2019.

您談到了 Sky 在 2019 年的健康 EBITDA 增長。

When you say healthy, do you mean the same 2% adjusted for '18?

當您說健康時，您的意思是 18 年調整後的 2% 相同嗎？

Or are you talking more mid-single-digits?

或者你說的是更多的中個位數？

I'm just trying to understand what you're messaging.

我只是想了解你在傳遞什麼信息。

So we currently have several very profitable and successful television studios, a cable one and a broadcast one and an international one, and those studios will continue to produce for our existing channels and, increasingly, over time, produce for direct-to-consumer.

因此，我們目前有幾家非常盈利且成功的電視工作室，一家有線電視公司、一家廣播公司和一家國際公司，這些工作室將繼續為我們現有的頻道製作節目，並且隨著時間的推移，越來越多地為直接面向消費者的頻道製作節目。

And we will figure out the right kind of transfer pricing and margin for those services, so that everybody's incented to produce and continue to produce for all different outlets.

我們將為這些服務找出正確的轉讓定價和利潤，以便每個人都有動力為所有不同的網點生產並繼續生產。

And it's -- I'm Mike.

它是——我是邁克。

For Sky, healthy means really growth in customers, growth across all markets and growth in financial results, which is better -- higher than last year is what I would say, healthy is, mid-single digits is a fair level to think about.

對於 Sky 來說，健康意味著真正的客戶增長、所有市場的增長以及財務業績的增長，這更好——我想說的是高於去年，健康是，中個位數是一個公平的考慮水平。

And I did point out, that will be more back-end weighted for the reasons I have mentioned earlier, just sports rights coming or reset for Italy in August of last year.

而且我確實指出，由於我之前提到的原因，這將更加註重後端，只是去年八月意大利的體育權利即將到來或重置。

So we'll have to -- in the second half of the year, we'll lap that, and we'll see the improved rates for Premier League in the U.K. business kick in, in the second half.

所以我們必須——在今年下半年，我們會繼續這樣做，我們將在下半年看到英超聯賽在英國業務中的費率提高。

So we'll achieve that healthy growth over the course of the year with back-half lighter and back-end second half heavier.

因此，我們將在一年中實現健康增長，後半部分較輕，後半部分較重。

So let me just end the call by saying really how pleased we were with 2018, and we're off to a great start in 2019.

所以讓我結束電話，說我們對 2018 年非常高興，我們在 2019 年有了一個良好的開端。

I think just that last answer that Mike gave, we look at Sky as really unique.

我認為邁克給出的最後一個答案，我們認為天空是獨一無二的。

It's different than Cable, and it's taking all of us time to understand those differences.

它與有線電視不同，我們所有人都需要時間來理解這些差異。

And the same thing, it's got a content company, and it covers the entire footprint, where it offers its product.

同樣的，它有一家內容公司，它覆蓋了它提供產品的整個足跡。

So as it renegotiates, it's probably got different characteristics than either of our 2 businesses.

因此，當它重新談判時，它可能具有與我們兩個業務中的任何一個都不同的特徵。

But I think you're going to like what you see, and it's going to add to our capabilities worldwide.

但我認為你會喜歡你所看到的，它會增加我們在全球範圍內的能力。

And those capabilities really do come together, I think, in the OTT announcement, just to pick that as an example, because not only will it throw out the best of our content creation capabilities, whether that's in film or television, whether that's original or new, recurring series, it needs broadband to get the great capabilities of that streaming service.

我認為，在 OTT 公告中，這些能力確實結合在一起，只是舉個例子，因為它不僅會拋棄我們最好的內容創作能力，無論是在電影還是電視中，無論是原創還是新的重複系列，它需要寬帶才能獲得流媒體服務的強大功能。

And that's the core of where the cable company's focused, as we've discussed this morning.

正如我們今天早上所討論的，這就是有線電視公司關注的核心。

And that broadband had a fantastic 2018, and xFi has a road map of innovation onto itself in 2019 and beyond, which is as exciting as what we've done previously on great speed.

寬帶在 2018 年表現出色，xFi 在 2019 年及以後製定了創新路線圖，這與我們之前以極快的速度所做的一樣令人興奮。

And now we're looking at other ways.

現在我們正在尋找其他方式。

And all this takes advantage of X1 and Q, which are the best capabilities in the world in what we do.

所有這一切都利用了 X1 和 Q，這是我們所做的世界上最好的功能。

We can always do better.

我們總是可以做得更好。

We're -- we had 500 engineers meeting yesterday in our new technology center, and we've just got a real, I think, credibility in the technology space now to keep innovating.

我們 - 我們昨天在我們的新技術中心舉行了會議，有 500 名工程師，我認為，我們現在在技術領域獲得了真正的信譽，可以繼續創新。

And it all comes back to what we give our customers and we see how well Sky's performance has been in customer experience, and NPS made great progress on the Cable side, taking truck rolls out and calls, as we've heard, NPS performance improvement.

這一切都回到我們為客戶提供的東西上，我們看到 Sky 在客戶體驗方面的表現有多好，NPS 在有線電視方面取得了長足的進步，正如我們所聽到的那樣，NPS 性能改進.

So all in all, that's what's giving us the confidence to raise the dividend and to start 2019 off to a great start.

總而言之，這讓我們有信心提高股息並在 2019 年開局良好。

So thank you to the team.

所以感謝團隊。

Thank you, everyone, for joining us today.

謝謝大家，今天加入我們。

Regina, we'll end the call there.

Regina，我們會在那裡結束通話。

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

今天下午 12:00 開始將重播今天的電話會議。

Eastern time.

東部時間。

It will run through Wednesday, January 30 at midnight Eastern time.

它將持續到東部時間 1 月 30 日星期三午夜。

The dial-in number is (855) 859-2056, and the conference ID number is 6837336.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 6837336。

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

電話會議的錄音也將從下午 12:30 開始在公司網站上提供。

Eastern time today.

今天東部時間。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may all disconnect.

你們都可以斷開連接。